ACCIONA has reached an agreement to sell its 92.7% stake in Trasmediterranea to the Naviera Armas Group. ACCIONA's stake is being sold for 260.4 million euros, and the buyer will assume 127.3 million euros of debt owed by Trasmediterranea to ACCIONA group companies. The final price could increase by up to 16 million euros as a function of the combined group's future EBITDA performance. This transaction sets the company's enterprise value (100%) at between 419 and 436 million euros.
The deal will foreseeably be completed in the first quarter of 2018, once it has been approved by the Spanish competition authorities.
The disposal responds to ACCIONA's goal of concentrating on its core strategic lines of business: sustainable infrastructure and renewable energy.
ACCIONA Chairman, José Manuel Entrecanales, stated: "This transaction enables ACCIONA to adjust and strengthen its business model, focused in the areas of sustainable infrastructure and renewable energy, in line with market expectations. Consequently, it was decided to close this deal at an opportune time as the shipping sector is entering a recovery phase, and following a process of improving the company's operating efficiency; the buyer is a Spanish industry player that is very familiar with the market, which will undoubtedly contribute to enhancing Trasmediterranea's competitive position."
The combination of Trasmediterranea and Naviera Armas will give rise to an operator with complementary markets, with no overlaps and greater flexibility to consolidate its leadership position in the highly competitive Spanish shipping market.
Since it was acquired by ACCIONA in 2002, Trasmediterranea has become firmly established as Spain's largest shipping company and one of Europe's leading passenger ferry and roll-on/roll-off operators. It sails a total of 32 routes, mainly linking mainland Spain with the Balearic Islands, North Africa and the Canary Islands. It also provides logistics, shipping agency and cruise ship handling services, and operates five port terminals. Last year, it transported 2.5 million passengers (+2.3%), 5.8 million linear metres of cargo (+2.3%) and 576,000 vehicles (+5.7%).