GTT announces acquisition of Danelec to expand digital capabilities

GTT signed an agreement with the European investment fund Verdane to acquire Danelec, a provider of advanced digital solutions for maritime data collection and analysis designed to enhance operational performance, safety and decarbonisation.

The acquisition of Danelec, valued at €194 million (US$220 million), constitutes a milestone in the development of GTT’s Digital division, bringing the Group’s installed base to approximately 17,000 vessels.

With this transaction, GTT becomes the global leader in the buoyant segment of vessel performance management and, at the same time, secures a top-tier position in the critical Voyage Data Recorders (VDRs) segment, with 15% of the global fleet equipped.

“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,” confirmed Philippe Berterottière, Chairman and CEO of GTT.

Founded in 1995 and headquartered in Farum, Denmark, Danelec is renowned for its technological solutions that enhance the safety, performance and sustainability of operations at sea. Its 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, ensuring local deployment and support on an international scale.

“Danelec is a recognised player in the maritime digitalisation, with a strong reputation, a significant installed base, and high-quality management team,” said Berterottière.

Danelec initially specialised in the development of critical maritime equipment, particularly Voyage Data Recorders (VDRs), genuine “black box” for ships. These systems, compliant with IMO regulations and the SOLAS convention, generate significant recurring revenues and support close and long-term relationships with customers.

In the previous fiscal year (1 July 2023 – 30 June 2024), Danelec reported revenue of DKK 330 million (approximately US$ 50 million), of which around one-third was generated through recurring revenues. The company recorded an adjusted EBITDA margin of 25%.

GTT expects the transaction, which is expected to be completed at the beginning of the second half of 2025, to be accretive to the Group’s earnings per share from the first year.

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