Spain’s National Markets and Competition Commission (CNMC) has initiated a second-phase analysis regarding the acquisition of exclusive control over certain assets of Armas by Danish shipping firm DFDS.
According to the CNMC, the initial investigation into the transaction, which was first notified in December, identified potential risks to competition in the markets of southern Spain and the Strait of Gibraltar. The regulator stated that the acquisition represents a significant modification of the market structure.
On the Algeciras to Tanger Med route, the CNMC noted that the transaction, when considered alongside a separate acquisition notified by Baleària on October 8, 2025, would result in the exit of Armas and reduce the number of shipping operators from four to three.
In the area encompassing the Algeciras to Ceuta route, the CNMC stated the transaction would allow DFDS to strengthen its position as the second-largest operator behind Baleària. This would result in the reduction of service providers from three to two.
The commission further noted that while DFDS and Armas previously provided services on this route under public service obligations, the merger would leave DFDS as the sole operator of that specific service.
The CNMC stated that the disappearance of Armas as a potential bidder for future public service obligations contracts on the Ceuta route poses risks to market competition. The regulator said it cannot rule out the risk of unilateral horizontal effects or coordinated effects, particularly where DFDS would only face competition from a single rival.
The commission stated that moving the case to a second phase does not prejudge the final outcome. The CNMC said it may request additional information from the operators, while interested parties are permitted to submit arguments.
The final resolution from the CNMC may authorise the transaction, establish specific commitments, subject the deal to conditions, or prohibit the merger entirely.