Cargotec’s MacGregor has received clearance from the Chinese competition regulator for the acquisition of the marine and offshore businesses of TTS Group: synergy estimate revised
MacGregor, part of Cargotec, has received a clearance decision from the Chinese competition regulator, SAMR, for the company’s acquisition of the marine and offshore businesses of TTS Group ASA. Based on revised estimates, potential cost synergies are estimated to be around EUR 25-30 million on annual level.
MacGregor now has all the regulatory approvals needed to be able to complete the transaction, which was announced on 8 February 2018. Closing of the transaction is expected to take place 31 July 2019. MacGregor previously announced approval from the German regulator on 6 November 2018, and approval from the South Korean authority on 27 December 2018.