By
Sean Dudley |
Acciona has agreed to sell its majority stake in Trasmediterranea to the Naviera Armas Group.
Trasmediterranea is a large Spanish shipping company and one of Europe’s leading passenger ferry and ro-ro operators.
Acciona has agreed a deal with Naviera Armas Group, a shipping company originally founded in the Canary Islands, that will see the latter take control of Trasmediterranea at a cost of €260.4 million.
The deal is likely to be completed in the first quarter of next year, as it must be approved by Spanish competition authorities.
With the acquisition of Trasmediterranea, Naviera Armas will be able to enhance its position in the Spanish shipping market, while Acciona will be able to focus on its core strategic lines of business, which include sustainable infrastructure and renewable energy.
“It was decided to close this deal at an opportune time as the shipping sector is entering a recovery phase, and following a process of improving the company’s operating efficiency; the buyer is a Spanish industry player that is very familiar with the market, which will undoubtedly contribute to enhancing Trasmediterranea’s competitive position,” said José Manuel Entrecanales, Acciona’s chairman.