The National Commission of Markets and Competition (CNMC) has authorized most of the purchase operation of Naviera Armas by Baleària, according to the economic newspaper Expansión and confirmed by other sources in the sector. Of the three blocks into which the operation has been divided for analysis by Competition, two already have favorable resolutions: the one corresponding to the crossing of the Strait of Gibraltar and the one for the routes to the Canary Islands.
The authorization of the block for the Strait is definitive, while that of the Canary Islands can be elevated by the Ministry of Economy to the Council of Ministers within a maximum period of fifteen days, although the Ministry has the possibility to expressly decide not to elevate it before the expiration of said period, which would allow its effects to be deployed immediately. A third block remains pending, the one for Alborán, which includes routes from Almería and from Málaga to Melilla, as well as connections to Algeria and Morocco. The consulted sources indicate that a favorable decision on this last segment could occur in the coming days.
The CNMC decided in January to analyze the operation in depth, which had been agreed upon in August 2025, extending the process over several months. Baleària has been providing the documentation required by the regulatory body throughout this period, which communicated its resolution about the first two blocks last Friday.
The shipping company based in Dénia competed for the acquisition of Armas against the Valencian shipping group of Vicente Boluda. The operation, valued in total at 260 million euros —including both the part acquired by Baleària and that of the Danish shipping group DFDS—, includes all interisland connections in the Canary Islands and the routes from Cádiz to the archipelago that Armas operated after the absorption of Trasmediterránea. In addition, maritime routes for Alborán and the management of a vessel with its corresponding crew on the route from Algeciras to Ceuta and Tangier are included. Most of the business in the Strait of Gibraltar has been acquired by the Danish group DFDS.
If the operation follows the planned course, its definitive closure will occur throughout April. With the acquisition, Baleària will take charge of the management of 15 vessels, the operation of the corresponding maritime routes, and a workforce of 1,500 employees.
The president of Baleària, Adolfo Utor, explained during the company's results presentation that a credit of 215 million euros has been subscribed for the purchase of Naviera Armas and that the company will need between 50 and 60 million additional euros for capital investments (capex). With this operation, Baleària will be close to one billion euros of debt during the current fiscal year, as Utor indicated.
The head of the Dénia shipping company expressed his concern about the deterioration of Armas's fleet, which in recent months has had to cease operations on several routes, a circumstance that will increase integration costs for Baleària. Utor noted that he expects the incorporation of Armas to generate at least 30 million euros in EBITDA, but acknowledged that the company will need between two and three years to straighten out the situation and achieve profitability. "In the interim, we will try to use as little cash as possible," he indicated.
The president of Baleària also announced that, once the operation is approved, Canary Island partners will enter the capital of the subsidiary managing the routes of the archipelago. Utor did not reveal the identities of these investors but described them as Canary Island entrepreneurs with a track record and solvency, who will enter in a minority position with an estimated percentage of between 30% and 40% of the capital.
The amount specifically attributed to Baleària within the global operation was set in August at 206 million euros. According to Expansión, the 260 million for the total operation could double with the execution of a purchase option on the fleet.