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German competition authorities approve MacGregor takeover of TTS

Monday, 12 Nov 2018

Cargotec subsidiary MacGregor, a marine and offshore engineering and cargo handling specialist, has been given the go-ahead by the German Federal Cartel Office for its planned acquisition of the marine and offshore businesses of TTS Group, a move that was originally announced in February.

However, the transaction is still subject to regulatory approvals in China and South Korea. The company said that these are expected by the end of the year and the transaction would be completed as soon as possible thereafter.
When the EUR 87 million deal was originally announced, it was described as a combination of two highly complementary businesses that would produce greater scale and diversification and strengthen MacGregor’s portfolio and market position in key markets including China. Potential cost synergies were estimated at about EUR 30-35 million.
TTS Group ASA and its shipyard business, TTS Syncrolift AS, are excluded from the transaction. The net sales of the business which MacGregor is set to acquire totalled EUR 161 million in the nine months between January and September 2017 and account for about 90% of TTS’ net sales.

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