The Neapolitan shipping company has taken over the assets of the Spanish Armas Trasmediterránea Group, including ferry services to and from the Balearic Islands.

In total, Grimaldi's new subsidiary acquired five ferries, a terminal in Valencia, warehouses, offices, and ticket sale offices in Valencia, Palma de Mallorca, Mahón, and Ibiza.

The operation also provides for the hiring of Armas Trasmediterránea's personnel.

Transmed GLE will operate the routes from Barcelona and Valencia to Mahón (Menorca), Palma de Mallorca, and Ibiza.

These will be served by the Ciudad de Palma, Ciudad de Granada, Ciudad de Mahón, Volcán del Teide, and Volcán de Tijarafe ferries. Grimaldi will also reinforce the new network with its Euroferry Egnazia.

The Mediobanca bank assisted the Grimaldi Group by insuring an approx. €160m loan to Trasmed GLE.

Photo: Grimaldi Group