MacGregor's TTS Acquisition Expected to Close in Q1 2019

MacGregor, part of Cargotec, announced on February 8, 2018 that it has entered into an agreement to acquire the marine and offshore businesses of TTS Group ASA. 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. Due to longer than expected regulatory processes in China and South Korea, the company currently expects to close the transaction in Q1 2019.