A new Spanish company formed by the Grimaldi Group has completed the acquisition of five ropax ferries from Spain’s Armas Trasmediterranea Group.
The Valencia-based outfit — Trasmed GLE — will also take over the rights to operate services between the Spanish mainland and the Balearic Islands.
It will also buy two terminals at the ports of Valencia and Barcelona, as well as offices and warehouses on Mallorca, Menorca and Ibiza.
The deal was signed in Madrid today.
It was inked after Milan-based financier Mediobanca insured a loan of approximately €160m ($188m) to the new company.
Sixth vessel added
Under the deal, The Grimaldi Group will acquire the 27,000-gt Ciudad de Palma (built 2007), Ciudad de Granada (built 2001), 22,150-gt Ciudad de Mahon (built 2000), 29,000-gt Volcan del Teide (built 2011) and 20,000-gt Volcan de Tijarafe (built 2008).
These will be joined by the Grimaldi Group-owned, 33,500-gt Euroferry Egnazia (built 1994).
The Grimaldi Group will seek to exploit the synergies between its existing Spanish services to ports in Italy.
The move marks a change in direction for the Spanish company, which was created in October 2017 after Naviera Armas bought ropax and freight ro-ro operator Trasmediterranea from the Acciona group in a deal worth more than $450m.
This established it as Spain's largest ropax company, operating more than 40 ships, mainly linking mainland Spain with the Balearic Islands, North Africa and the Canary Islands.
The foundation for the deal with the Grimaldi Group was unveiled in April.
A memorandum of understanding was signed between the Grimaldi Group managing directors Emanuele Grimaldi and Diego Pacella and Antonio Armas, president of Armas Trasmediterranea.
