Acciona has reached an agreement to sell its 92.7% stake in Trasmediterranea to the Naviera Armas Group. Naviera Armas will pay EUR 260.4m plus EUR 127.3 million of debt owed by Trasmediterranea to Acciona group companies.

Acciona's plan to divest itself of non-core activities has been going on for some time, but they reviewed their strategy in mid-2015. Badly needed investment in new tonnage seemed the way forward but nothing happened which leaves Trasmediterranea today with a not-so-young fleet that is supplemented with chartered tonnage.

The combination of Trasmediterranea and Naviera Armas will give rise to an operator with complementary markets, with almost no overlaps and greater flexibility to consolidate its leadership position in the highly-competitive Spanish shipping market.

The deal is subject to approval by the competition authorities and is expected to be completed in the first quarter of 2018. Since Naviera Armas mainly concentrates on the Canaries trade with almost no overlaps, it is expected that the deal will get the green light from the antitrust authorities.

Trasmediterranea operates 32 routes, linking mainland Spain with the Balearic Islands, North Africa and the Canary Islands. It also provides logistics, shipping agency and cruise ship handling services, and operates five port terminals. Last year, it transported 2,508,535 passengers (+2.3%), 5,780,966 cargo lanemetres (+2.3%) and 575,991 vehicles (+5.7%).

Trasmediterranea, celebrating its centenary this year, increased its EBITDA to EUR 61m in 2016 with a revenue of EUR 431m.

Commenting on the deal Acciona chairman, José Manuel Entrecanales, stated: "This transaction enables Acciona to adjust and strengthen its business model in the areas of sustainable infrastructure and renewable energy, in line with market expectations."

© Shippax / Philippe Holthof