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MacGregor takeover of TTS Group portfolio finally cleared

Cargotec’s MacGregor has finally received clearance from the Chinese competition regulator for the acquisition of the marine and offshore businesses of TTS Group: synergy estimate revised

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MacGregor takeover of TTS Group portfolio finally cleared

Last month Cargotec announced that the TTS acquisition would be postponed to Q3 2019, following longer than expected deliberations by the Chinese competition authorities.


MacGregor has now duly received a clearance decision from the Chinese competition regulator, SAMR, for acquisition of the marine and offshore businesses of TTS Group ASA. Based on revised estimates, potential cost synergies are estimated to be around €25M-30M on annual level.

MacGregor now has all the regulatory approvals needed to be able to complete the transaction, which was announced on 8th February 2018.


Closing of the transaction is expected to take place 31st July 2019. MacGregor previously announced approval from the German regulator on 6th November 2018, and approval from the South Korean authority on 27th 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 not stated what these equipment segments are. Of course,the restrictions apply only to equipment for ships built in China, but Chinese yards are supplying cargo ships to a global market. Cargotec is due to release its Q2 2019 consolidated results this Thursday, 18th July at 14.00h CET + 1, and no more information will be available until then.


Based on revised estimates, potential cost synergies are estimated to be around €25M-30M on annual level and are expected to be reached within 3 years from closing. In the stock exchange release on 8th February 2018, the potential cost synergies were estimated to be around €30M-35M on annual level and were expected to be reached within 3 years from closing.


The revised cost synergy estimate is lower than the earlier estimate, as the closing was delayed from the original target and both parties have already executed some of the cost savings.


Following closing of the transaction, TTS will settle all bank debt and overdraft facilities. The company will also redeem remaining outstanding of its convertible bond, according to the bondholder agreement.

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