Regulatory processes delay MacGregor-TTS deal
- Business & Finance
MacGregor, part of Cargotec, has experienced delays in its planned acquisition of marine and offshore businesses of TTS Group due to longer than expected regulatory processes in two countries.
MacGregor announced on February 8, 2018, that it had entered into an agreement to acquire the marine and offshore businesses of TTS Group.
The acquisition is subject to regulatory approvals from competition authorities in China, Germany, and South Korea.
MacGregor announced the approval from the German regulator on November 6, 2018, but is still waiting for the approvals from the authorities in China and South Korea.
MacGregor earlier announced that it expects to receive all the needed approvals by the end of 2018 and to complete the transaction, according to the agreement, as soon as possible thereafter.
However, due to longer than expected regulatory processes in China and South Korea, the company currently expects to close the transaction in the first quarter of 2019.