MacGregor-TTS Deal Gets South Korean Clearance
MacGregor, part of Cargotec, has received a clearance decision from the South Korean Fair Trade Commission on the company’s acquisition of the marine and offshore businesses of TTS Group.
MacGregor announced the approval from the German regulator on 6 November 2018 but is still waiting for the approval from the competition authority in China.
Norwegian-headquartered TTS Group entered into a sales agreement with MacGregor in February, 2018. The agreement implies a takeover by MacGregor of all TTS’ assets except for TTS Group ASA and its Syncrolift business.
Agreed purchase price is NOK 840 million on an enterprise value basis. Final pricing is therefore subject to working capital and net debt adjustments at closing.
Both companies are global providers of handling solutions and access systems and services for the marine and offshore industries. TTS has approximately 930 employees, while MacGregor activities counts approximately 2,000 employees.
MacGregor said it expects to close the transaction in Q1 2019.