TTS Group ASA ("TTS") announced on 8 February 2018 that the company had entered into an asset sale agreement with MacGregor, a subsidiary of Cargotec Oyj listed on Nasdaq Helsinki Stock Exchange, for the majority of TTS's assets (the "Transaction"). TTS published an Information Memorandum on 21 March 2018, where further details about the Transaction were outlined.
In accordance with the information memorandum, the parties expected to receive the respective authority clearances and complete the transaction by 30 September 2018.
The parties recognize that the authority approval filing process has been more time consuming than expected, and that clearances from the relevant authorities will likely not be obtained by 30 September 2018.
The Parties do, however, expect to receive the clearances from the authorities by latest during the fourth quarter of 2018 and consequently to complete the transaction shortly after receiving the clearances, as all the conditions for the closing have then been satisfied.
Bergen, 19 September 2018
TTS Group ASA
http://www.ttsgroup.com
Contact persons:
Toril Eidesvik
CEO
M: +47 900 78 218
Leiv Kallestad
CFO
M: +47 958 95 661