Germany's corporate competition authority has cleared MacGregor's acquisition of the TTS marine and offshore businesses.

TTS Group ASA announced in February that it had entered into an asset sale agreement with MacGregor, a division of Cargotec.

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

MacGregor expects to receive these approvals by the end of 2018 and to complete the transaction, according to the agreement, as soon as possible thereafter.

MacGregor and China State Shipbuilding Corporation (CSSC) have signed a Letter of Intent (LOI) on strategic co-operation linked to the acquisition of the marine and offshore businesses of TTS Group.

TTS Group ASA is a global provider of handling solutions and access systems and services for the marine and offshore industries. It is one of the top three largest suppliers in its specialised market segments.

TTS was founded in 1966 and has been listed on the Oslo Stock Exchange since 1995.