Hiab said the closing of the sale of its MacGregor business to funds managed by Triton has been delayed as it awaits regulatory approval from China.
The Finnish on-road load-handling solutions provider now expects the transaction to close by Oct. 1, 2025, three months later than the initially expected date of July 1, the company said Tuesday.
Hiab said that while approvals have been obtained from other jurisdictions, including the European Union, a decision from the Chinese State Administration for Market Regulation is still pending.
The company, formerly known as Cargotec, agreed in November 2024 to sell the maritime cargo and load handling business for an enterprise value of 480 million euros.
The divestment is the final major step in a multi-year transformation to separate its businesses and focus on its core Hiab operations, according to company statements.
Hiab said the standalone preparations and carve-out of MacGregor have progressed as planned and the deal is ready to be executed once the missing approval is obtained.
The updated closing timetable is not expected to have a significant financial impact on the company, Hiab said.
MacGregor has been reported as part of discontinued operations since the fourth quarter of 2024.
More from this issuer
Related coverage
Hiab reported a drop in third-quarter profit and sales, citing the impact of trade tensions on its business in the U.S.
Hiab reported a drop in third-quarter profit and sales, citing the impact of trade tensions on its business in the U.S.
Hiab said Monday its board of directors has approved the payment of a special dividend following the completion of the sale of its MacGregor business.
Hiab said Thursday it has received the final regulatory approval from China's market regulator, clearing the way for the sale of its MacGregor business to funds managed by Triton.