Naviera Armas Trasmediterránea, through its holding company Bahía de las Isletas S.L., backed, among others, by J.P. Morgan, Barings, Cheyne Capital, and Bain Capital, has announced the signing of two binding agreements for the sale of its operations to Baleària Eurolíneas Marítimas and its Strait of Gibraltar activities to DFDS Iberia S.L.
Bahía de las Isletas S.L., which operates under the Armas Trasmediterránea brand, has reached two binding agreements. The first covers the sale of its business activity—routes, assets, and employees—in the Canary Islands, the Spanish mainland, Algeria, and Alboran, along with its land transport business, to Baleària. The second agreement concerns all assets and employees of the Strait operations to DFDS and Baleària. Separately, the Group signed an agreement in July for the sale of the vessel Fortuny to Liberty Lines.
The inter-island routes in the Canary Islands, Canary Islands–Mainland, Alboran, and Algeria generated approximately €420 million in revenue in 2024. The main assets included in this transaction are the vessels Volcán de Teno, Volcán de Tamadaba, Villa Tazacorte, Volcán de Tinamar, Volcán de Tindaya, Juan J Sister, Almariya, and Volcán de Timanfaya, as well as port terminals, offices, concessions, and service agreements in ports that are critical to the Group’s operations in these regions, including La Esfinge, Tenerife, Arrecife, Puerto Rosario, Cádiz, Melilla, Motril, Almería, La Palma, La Gomera, Valverde, Los Cristianos, Algeria, and Nador.
The Strait routes included in the deal generated approximately €66 million in revenue in 2024. The main assets acquired by Baleària in this transaction include the vessel Ciudad de Málaga and a concession in Algeciras. For its part, DFDS acquires the vessels Volcán de Tamasite and Villa de Agaete, as well as concessions and terminals in Algeciras, Ceuta, and Tangier Med.
The completion of both sale processes remains subject only to the usual approvals from competition authorities. The company has already obtained the necessary authorizations from shareholders and creditors to proceed with the implementation of both transactions.
Sergio Vélez, CEO and Chairman of Naviera Armas Trasmediterránea, stated:
“We are very proud to announce these agreements, which reflect the effort, dedication, and unwavering commitment of the entire Armas Trasmediterránea team: crews, terminal teams, and central areas, both in the maritime and land businesses. This step consolidates our future in the regions where we operate and demonstrates our ability for transformation and continuous improvement. With this transaction, Armas Trasmediterránea becomes part of a larger-scale project that will open new opportunities for our employees and partners. These agreements mark the conclusion of a demanding and lengthy, yet highly successful, restructuring and transformation process, thanks to the commitment of all parties involved in restoring the company’s value.”
Adolfo Utor, President of Baleària, highlighted that the signing of these strategic agreements would allow Baleària “to take over the legacy of the historic Trasmediterránea and Naviera Armas, so deeply rooted in the Canary Islands, and to guarantee stability and territorial cohesion through a more competitive local shipping company, leveraging the synergies created between Baleària and Armas Trasmediterránea.”
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