Spanish ferry operator Balearia took effective control of the Canary Islands assets of Armas Trasmediterranea on May 18, including inter-island routes and mainland connections.
This transaction, which was originally announced in August, marks the completion of the first of three geographic phases, with the Strait of Gibraltar and Alboran sectors remaining pending formalisation.
Following the acquisition, the combined group will operate a fleet of more than 50 vessels and employ approximately 4,500 staff. Annual traffic volume is expected by the company to exceed eight million passengers and 11 million linear metres of cargo, generating a consolidated revenue of more than €1 billion ($1.1 billion).
To upgrade the newly acquired fleet, the company announced an investment of €45 million over the next three years to improve vessel quality and digital services. It also guaranteed the retention of all land and fleet personnel.
Operations in the archipelago will run under the newly created Balearia Canarias brand, which is set to co-exist with the Armas Trasmediterranea brand during a transition period.
"The new Balearia is prepared to guarantee the efficiency of the entire national maritime transport network in all its territories," declared Balearia President Adolfo Utor.