Grimaldi acquires Armas Trasmediterránea

Grimaldi Group says it has acquired all assets – ships and port terminals of Armas Trasmediterránea Group, a Spanish company after they both reached the definitive sale agreement. The ships and port terminals, according to Grimaldi, will serve the routes between peninsular Spain and the Balearic Islands

Grimaldi noted that the agreement signed yesterday in Madrid provides for the acquisition by Trasmed GLE, its new Spanish company, of five ferries for the transport of passengers and freight and other assets. The offices of the new shipping company will be located in Valencia.

Grimaldi maintained that in addition, the agreement between the parties provides for the acquisition by the Grimaldi Group of the Valencia terminal,  various warehouses, offices and ticket offices in Valencia, Palma de Mallorca, Mahón and Ibiza, as well as the rights to operate on the shipping lines dedicated to the transport of passengers and freight between mainland Spain and the Balearic Islands, notably on the routes from Barcelona to Mahón (Menorca), Palma de Mallorca and Ibiza, and from Valencia to Mahón, Palma de Mallorca and Ibiza. The vessels acquired by Trasmed GLE to serve these lines are the Ciudad de PalmaCiudad de GranadaCiudad de MahónVolcán del Teide and Volcán de Tijarafe; they will be joined by the Grimaldi Group-owned Euroferry Egnazia.

The operation also provides for the hiring of Armas Trasmediterránea’s personnel, which implies the preservation of jobs. The bank Mediobanca assisted Grimaldi Group by insuring a loan of approximately €160 million to the new Spanish company Trasmed GLE.

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