French LNG containment giant GTT will spend 194 million euros ($219.6 million) to buy Danelec, a Danish provider of digital solutions.
GTT announced on Monday it had signed a deal with the European investment fund Verdane to acquire Danelec.
According to GTT, this deal is a “key milestone in the development of GTT’s digital division, bringing the group’s installed base to approximately 17,000 vessels and unlocking significant synergy potential thanks to the complementary offerings of Danelec, Ascenz Marorka, and VPS.”
Also, by acquiring Danelec, GTT claims it secures a top-tier position in the critical voyage data recorders (VDRs) segment, with 15 percent of the global fleet equipped.
Danelec’s systems are currently installed on over 15,500 vessels worldwide.
The company employs 168 people and relies on a network of more than 700 technicians across the globe.
GTT expects the acquisition of Danelec to be accretive to the group’s earnings per share from the first year.
In 2023/2024, Danelec reported revenue of about 44 million euros, of which around one-third was generated through recurring revenues.
The transaction is expected to be completed at the beginning of the second half of 2025, subject to customary conditions precedent.
GTT received orders for nine LNG carriers in the first quarter, while its revenue rose 31.6 percent compared to the same period last year.
Last year, the firm booked orders for 72 LNG carriers.