MacGregor has received clearance from the German competition authorities regarding the company’s acquisition of the marine and offshore business units of TTS Group.
As HLPFI reported here, MacGregor, part of Cargotec, entered into an agreement to acquire the marine and offshore business activities of TTS Group for EUR87 million (USD106 million) in February 2018.
The completion of the transaction is still subject to regulatory approvals in China and South Korea. MacGregor expects to receive these approvals by the end of 2018.
The acquisition, according to Cargotec, will strengthen MacGregor's marine and offshore activities and its position in China. TTS Group ASA and its shipyard solutions business, TTS Syncrolift, are excluded from the deal.