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 in Finland.
Completion of the contemplated transaction is conditional on the transaction being cleared, unconditional or on conditions acceptable to MacGregor, by relevant competition authorities, which is China, South Korea and Germany.
We are today informed from MacGregor that clearance of the transaction is received from the German competition authorities.
In accordance with our previous stock exchange notification of 20 September 2018 the parties expect to receive clearance from the two remaining competition authorities during Q4 2018, and consequently the ambition is to complete the transaction, according to the agreement, as soon as possible thereafter.
Bergen, 6 November 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