Baleària has reached binding agreements with the funds that own Armas Trasmediterránea to take over its main operations in Canary Islands, the Alboran Sea and a part of Narrow which has not been transferred to the Danish DFDS. The operation will not be effective until it receives authorization from the National Commission of Markets and Competition (CNMC).
The pact contemplates the management of 15 vessels, the exploitation of strategic maritime lines and integration of 1.500 workers Land and fleet. With this move, Baleària strengthens its presence in key corridors while the regulator assesses the effects on competition.
What the operation includes
According to the parties, Baleària will assume the Naviera Armas' activity in the Canary Islands and Alboran, in addition to the Strait traffic that did not pass into the hands of DFDS. Also interested in the bidding were boluda y Grimaldi, but the winning bid was ultimately that of the Dénia-based shipping company.
In economic terms, traffic in Canary Islands, Canary Islands-Peninsula, Alboran and Algeria generated about 420 million euros in 2024, while the included Strait routes contributed around 66 million last year. These figures help explain the strategic importance of the agreement.
Fleet, routes and port assets
The transaction includes vessels, terminals and concessions necessary to guarantee the operational continuity in the areas where Armas Trasmediterránea had been providing service.
- Main ships that would pass to Baleària: Teno Volcano, Tamadaba Volcano, Villa Tazacorte, Tinamar Volcano, Tindaya Volcano, Juan J Sister, Almariya and Timanfaya Volcano.
- Other relevant assets: terminals, offices and concessions in The Sphinx, Tenerife, Arrecife, Puerto del Rosario, Cadiz, Melilla, Motril, Almeria, La Palma, La Gomera, Valverde, Los Cristianos, Algeria and Nador, among others.
- Strait assets committed to Baleària: the ship Malaga city and a concession in Algeciras.
For its part, DFDS It retains most of the Strait's operations, including vessels Tamasite Volcano y Town of Agaete, in addition to concessions and terminals in Algeciras, Ceuta and Tangier MedThis distribution organizes the competitive map of the Strait while the regulatory analysis progresses.
A process shaped by restructuring
The sale comes after a restructuring process in which the funds JPMorgan, Barings, Cheyne Capital and Bain Capital They took majority control of Armas via debt capitalization, with Houlihan Lokey as an advisor. In 2021, part of Trasmediterránea's Balearic business had already been sold to Grimaldi.
Within the framework of this reorganization, Abencys He valued the set of Transmediterranean Weapons in 403 millones de euros with closing data for 2023, a year in which it registered a EBITDA of 40 millionThe company plans to reach 50 million EBITDA, which could raise the final valuation if the forecasts are confirmed.
Competence, deadlines and points of attention
La CNMC must decide on the operation within an estimated period of three to six months. Among the focuses of the analysis is the area of Alboran (links between Almería, Motril and Melilla), where the resulting competitive structure and the conditions necessary to protect the general interest will be evaluated.
The company indicates that the public service obligations and the continuity of connections will be a priority, an aspect that the regulator usually considers alongside the preservation of effective competition on each route.
Employment, service and group size
The agreement incorporates 1.500 professionals of land and fleet, a step that Baleària links with its objective of operational and labor stability in the connected territories. The company maintains that the integration will allow it to take advantage of synergies and ensure the regularity of the links.
With this purchase, the group that leads Adolfo Utor seeks to achieve the scale necessary to compete in a market with large international operators, reinforcing its role as local shipping company with the capacity to manage lines of public interest.
Company statements and vision
From Baleària, its president, Adolfo Utor, frames the agreements as a strategic decision which, if it receives regulatory approval, will allow a Spanish shipping company to compete with large transnational groups, collect the legacy of Trasmediterránea and Armas in the Canary Islands and consolidate a long-term competitive project.
On behalf of Armas Trasmediterránea, its CEO and president, Sergio Velez, stresses that the operation a stage of transformation culminates and opens a larger project with new opportunities for employees and collaborators, after a collective effort to recover the value of the company.
The move also closes a cycle of concentration in the sector in Spain, where historic brands have changed hands or have been absorbed, and places Baleària in a strengthened position in Canary Islands and North Africa.
With the authorization of the CNMC still pendingThe agreements lay the foundation for Baleària to manage 15 ships, integrate 1.500 employees and operate key routes in the Canary Islands, Alboran and part of the Strait, while DFDS consolidates its position in the latter area; a redesign of the shipping map that aims to offer more stable connections and certainty for users and employment.