The Grimaldi Group has reached an agreement to acquire Armas Trasmediterránea Group’s ships and port terminals to serve routes between Spain and the Balearic Islands.

The agreement follows the signing of a memorandum of understanding earlier this year, as HLPFI reported here.

The acquisition will see Grimaldi Group’s newly formed Spanish company Trasmed GLE purchase five ferries from Armas Trasmediterránea in addition to other assets.

The agreement between the parties will also see Grimaldi Group acquire various warehouses, offices, and ticket offices in Valencia, Palma de Mallorca, Mahón and Ibiza.