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Agreement signed between Grimaldi and Armas Trasmediterránea: Trasmed GLE established

Following the signing of the Memorandum of Understanding (MoU), 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 today 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 MAHON, VOLCAN DEL TEIDE and VOLCAN 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 € 160 million to the new Spanish company Trasmed GLE.

Jul 19 2021

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