Spanish ferry operator Balearia has reached an agreement to acquire Armas Trasmediterranea‘s business operations, covering operations in the Canary Islands, the Alboran Sea and part of the Strait of Gibraltar.

The deal covers 15 ferries and is pending approval from the Spanish National Markets and Competition Commission (CNMC), Balearia said in an emailed statement on Monday. 

Balearia stated that the acquisition would enable it to strengthen its position in a market increasingly dominated by five major transnational shipping companies.

If approved, the move would also enable the company to manage all public-interest maritime routes, ensuring service continuity, job stability and regional cohesion.

“If this deal goes ahead, it will help a local Spanish shipping company to continue competing efficiently with the large groups that have recently arrived and are already operating in our waters,” Adolfo Utor, President of Balearia, said.