June 20 - Austrian deck equipment manufacturer Palfinger Marine has entered into an agreement to acquire Norway based marine and offshore equipment supplier TTS Group.

Under the terms of the agreement, Palfinger will acquire all the shares in TTS Group for a price of NOK5.6 (USD0.68) per share, valuing the Norwegian company at around NOK600 million (USD72.4 million).

The TTS Group board of directors has unanimously resolved to recommend that its shareholders accept the offer, said a statement.