Closing conditions fulfilled - closing of the TTS - MacGregor transaction expected to take place 31 July 2019 15.07.2019

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.   

 

Approval from German and South Korean competition authorities have been announced previously (6 November 2018 and 27 December 2018 respectively). We have been informed that the Chinese competition authorities also has approved the transaction. The parties have therefore agreed to initiate closing procedures in accordance with the transaction agreement. Closing of the transaction is expected to take place 31 July 2019. TTS will financially record the transaction in its 3Q report.

 

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

 

The Board of Directors will address the earlier announced dividend payment during Q3.