World News
Balearia Takes Control of Armas Trasmediterranea Canary Operations
Spanish ferry operator Balearia has taken control of the Canary Islands operations of Armas Trasmediterranea.
The deal includes inter-island ferry routes and services linking the Canary Islands with mainland Spain, the company said in a statement on its website on Monday.
The company had announced the plans to buy the Armas' operations last August.
Balearia said the combined group will have more than 50 vessels, around 4,500 employees and annual revenue above €1 billion.
The company plans to invest €45 million over the next three years to upgrade vessels and improve onboard services and digital systems.
Balearia said the acquisition also strengthens its role on routes linking Spain with Morocco and Algeria.
The company has launched a new Balearia Canarias brand, which will operate alongside the Armas Trasmediterranea name during a transition period.
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