GTT has signed an agreement with European investment fund Verdane to acquire 100% of Danelec, a Danish provider of maritime data collection and analysis solutions, for an enterprise value of €194 million, according to the company's release.
This transaction positions GTT as a global leader in vessel performance management and enhances its presence in the Voyage Data Recorder (VDR) segment.
The combined installed base of GTT's digital offerings, including Danelec, Ascenz Marorka, and VPS, will encompass approximately 17,000 vessels.
Philippe Berterottière, Chairman and CEO of GTT, stated: “We are delighted to welcome Danelec to the GTT Group. This acquisition fully aligns with our development strategy in the digital field and marks an important milestone for the Group. Danelec is a recognised player in maritime digitalisation, with a strong reputation, a significant installed base, and a high-quality management team. With this transaction, GTT becomes the global leader in the high-growth segment of vessel performance management and positions itself as a leading player in the strategic VDR market. In a rapidly expanding digital maritime market, this acquisition further strengthens our leadership position while creating value for our shareholders.”
The transaction is expected to be completed at the beginning of the second half of 2025, subject to customary conditions precedent.
GTT (Gaztransport & Technigaz) is a French engineering company specializing in containment systems with cryogenic membranes used for the transport and storage of liquefied gases, particularly LNG. Over the past few years, GTT has expanded into digital solutions through acquisitions such as Ascenz Marorka, VPS, and now Danelec.
Danelec, founded in 1995 and headquartered in Farum, Denmark, specializes in technologies that improve maritime safety, performance, and sustainability. Its systems are installed on over 15,500 vessels worldwide. The company employs 168 people and operates a network of more than 700 technicians globally. In the fiscal year 2023/2024, Danelec reported revenues of DKK 330 million (approximately €44 million), with around one-third generated through recurring revenues, and an adjusted EBITDA margin of 25%.