Acciona has agreed to sell its 92.7 per cent stake in Spanish passenger ferry operator Trasmediterranea to the Naviera Armas Group for EUR260.4 million (US$302.4 million).
Under the deal, which is subject to regulatory approvals, the buyer will also assume EUR127.3 million of debt owed by Trasmediterranea to Acciona group companies.
The final price could increase by up to EUR16 million as a function of the combined group's future EBITDA performance, Acciona said.
Naviera Armas Group is a shipping company originally founded in the Canary Islands.
Acciona Chairman José Manuel Entrecanales said the sale would allow Acciona to focus on sustainable infrastructure and renewable energy.
"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," said Entrecanales.
Acquired by Acciona in 2002, Trasmediterranea sails 32 routes, provides logistics, shipping agency and cruise ship handling services, and operates five port terminals.
Last year, it transported 2.5 million passengers, 5.8 million linear metres of cargo and 576,000 vehicles.
