Naviera Armas has called an extraordinary general meeting for the upcoming May 8 at its registered office in Las Palmas de Gran Canaria. The meeting, called by the sole administrator, Sergio Vélez Álvarez, includes thirteen points directly related to the formalization of the sale agreements signed with Baleària Eurolíneas Marítimas and with entities of the Bahía de las Isletas Group, in what constitutes a significant step towards the definitive closure of the sale of assets of the Canary shipping company.
Among the points on the agenda are the cessation and appointment of a sole administrator, the ratification of the deeds of cancellation of naval mortgages established on the ships of the company, the cancellation of pledges on shares, participations, and credit rights, as well as the authorization for the transfer of the ships Volcán de Tinamar and Volcán de Teno. The meeting will also address the authorization for the transfer of the ship Villa de Tazacorte, a financing operation with the establishment of guarantees and the distribution of dividends.
As a highlighted part of the agenda, the meeting will address the signing of the deed of closure of the share purchase contract with Gestión Naviera, Baleària Eurolíneas Marítimas, and entities of the Bahía de las Isletas Group. Additionally, the ratification of the business unit purchase contract signed on August 25, 2025, with Baleària and the Bahía de las Isletas Group will be discussed, along with the signing of any public or private documents necessary to formalize the closure of both operations.
The call comes after the National Commission of Markets and Competition (CNMC) gave the green light at the end of March, with conditions, to Baleària's acquisition of Armas' assets in the Strait of Gibraltar and the Canary Islands. In the case of the Canary routes, the CNMC considered that the operation would generate a monopoly situation in the regular maritime transport of roll-on/roll-off cargo and passengers on the route between the peninsula and the Canary Islands, although it estimated that the commitments presented by Baleària are adequate and sufficient to resolve the detected competition issues.
Among these commitments are the dissolution of the community of goods through which Baleària operated the Huelva-Canary Islands route with Fred Olsen, the maintenance of current capacity and frequencies, an investment of 25 million euros over three years to improve the acquired fleet, the reactivation of the maritime route Morro Jable-Las Palmas, and monitoring of price levels. These commitments have a general duration of three years. The authorization is not definitive and will be communicated to the Minister of Economy, Trade and Business, who may elevate it to the Council of Ministers.
Regarding the Strait of Gibraltar, the CNMC concluded that there are no risks to competition and authorized the operation in the second phase without commitments. The regulatory body must definitively rule on the outstanding issues in the sale operation of Armas to Baleària and DFDS during this month of April.