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China approves TTS sale

Wednesday, 17 Jul 2019 ( #932 ) - Helsinki, Finland
News Story
MacGregor is closer to acquiring TTS Group's marine and offshore businesses
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.

Last month, we reported that the acquisition, announced in February 2018, had been delayed.

MacGregor now has all the regulatory approvals needed to be able to complete the transaction which is expected to close on 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.

The Chinese competition authority approval includes temporary requirements relating to the terms and conditions of certain new equipment business undertaken in China, and the need to hold certain new equipment businesses separately for a period of two years.

Cargotec has revised its savings estimates downward ahead of the finalisation of the deal. Based on revised estimates, potential cost synergies are estimated to be around EUR25-30 million (USD28-40 million) on annual level and are expected to be reached within three years from closing. In the stock exchange release on 8 February 2018, the potential cost synergies were estimated to be around EUR30-35 million (USD40-45 million) on annual level. The fall in the cost synergy estimate is attributed to the delay in settlement, with both parties already executing some of the cost savings.
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