Agreement signed between Grimaldi and Armas Transmediterrénea: Trasmed GLE Established

Members Corner

Source: Grimaldi Group, 2021-07-19

Following the signing of the Memorandum of Understanding (MoU), on 19 July the Grimaldi Group and the Armas Trasmediterránea Group have reached the definitive agreement for the sale of the Spanish group's assets to the Italian shipping company. The Neapolitan Group will purchase ships and port terminals to serve the routes between peninsular Spain and the Balearic Islands.

The agreement signed in Madrid provides for the acquisition by Trasmed GLE, the new Spanish company of the Grimaldi Group, 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.

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 Palma, Ciudad de Granada, Ciudad de Mahón, Volcán 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 the Grimaldi Group by insuring a loan of approximately €160m to the new Spanish company Trasmed GLE.

The Grimaldi Group is a world leader in the transport of rolling freight, with a fleet of over 130 ships. From today, it extends its services to the Balearic Islands, also exploiting the synergies with its other shipping lines connecting Barcelona with Sardinia (Porto Torres), Civitavecchia, Savona and Livorno, and Valencia with Cagliari, Salerno, Savona and Livorno. More generally, the Group offers regular services that link the main ports in the Mediterranean and Northern Europe, West Africa, North and South America. Furthermore, the Italian group will count on the contribution of the extensive expertise that Trasmediterránea gained in a hundred years of activity.


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