Further to completion of the acquisition of the marine and offshore businesses of TTS Group ASA (now Nekkar ASA) on 31 July 2019, Cargotec’s MacGregor business area has concluded a settlement agreement with Nekkar after challenging calculation of the purchase price.
The settlement agreement provides for a total payment of 94 MNOK (€9.1 million) to be made by Nekkar to MacGregor in full and final settlement of the disputed purchase price. The payment is net of 8 MNOK (€0.8 million) previously withheld by MacGregor related to the fulfilment of Nekkar tax obligations in China following completion of the acquisition.
he settlement amount will have an approximately €7 million positive impact on MacGregor’s 1Q21 operating profit.
Read the article online at: https://www.worldpipelines.com/business-news/13012021/cargotecs-macgregor-concludes-settlement-with-tts-group/