Update on competition filing 20.12.2018

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 subject to approval, unconditional or on conditions acceptable to MacGregor, from relevant competition authorities in China, South Korea and Germany. The approval from German competition authorities was announced 6 November 2018.

According to previous stock exchange notifications regarding the planned transaction, the parties expected to receive clearance from all competition authorities during Q4 2018, and consequently complete the transaction, according to the agreement, as soon as possible thereafter.

We are still awaiting clearance from Chinese and South Korean competition authorities, and will complete the transaction after receiving these approvals. We expect the closing to take place in Q1 2019.

Bergen, 20 December 2018


Contact persons:
Toril Eidesvik
M: +47 900 78 218

Leiv Kallestad
M: +47 958 95 661