MacGregor, part of Cargotec, has completed the acquisition of TTS Group’s marine and offshore businesses units.
MacGregor entered into an agreement to acquire these TTS Group activities for EUR87 million (USD106 million) during February 2018, as HLPFI reported here. The acquisition, however, was delayed due to a longer than expected regulatory process in China.
In order to receive approval for the acquisition, MacGregor agreed to various terms and conditions relating to new business undertaken in China. This activity will need to be held separately for a two-year period.
The acquired businesses will be integrated within MacGregor's operating structure, and the results will be consolidated into the company’s financial figures effective August 1, 2019.
