MacGregor gains clearance from German regulator to buy marine & offshore businesses of TTS

Illustration. Source: Pixabay

MacGregor, a part of Cargotec, has received a clearance decision from the German Federal Cartel Office (Bundeskartellamt) for the acquisition of the marine and offshore businesses of TTS Group.

MacGregor entered into an agreement to acquire marine and offshore businesses from TTS Group on February 8, 2018, for an enterprise value of 87 million euros.

TTS is a global provider of cargo handling equipment and services for merchant and offshore ships. TTS Group and its shipyard solution business, TTS Syncrolift, were the only businesses excluded from the deal with MacGregor.

MacGregor announced the receipt of clearance from the German competition regulator on Tuesday, November 6.

The completion of the intended transaction is still subject to regulatory approvals in China and South Korea, the company noted.

MacGregor expects to receive these approvals by the end of 2018 and to complete the transaction as soon as possible after that.

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