MacGregor’s acquisition of the marine and offshore businesses of TTS Group has been postponed to the second quarter of 2019.
MacGregor entered into an agreement to acquire these activities of TTS Group for EUR87 million (USD106 million) during February 2018, as HLPFI reported here.
The acquisition, however, has been postponed due to “a longer than expected regulatory process in China”. The company had expected to receive approval from the competition authority in China and close the transaction during the first quarter of 2019. MacGregor said it now expects the deal to close in the second quarter of the year.
MacGregor received approval for the acquisition from the German and South Korean competition authorities in November and December 2018, respectively.
TTS Group's main products are cargo handling and offshore cranes, ro-ro access systems, hatch covers, winches and related services. The group has subsidiaries in Belgium, Brazil, China, Germany, Greece, Italy, South Korea, Norway, Poland, Singapore, Sweden, UAE, USA and Vietnam.