MADRID, March 31, 2026 — Spain’s National Commission on Markets and Competition (CNMC) has approved two transactions through which Baleària acquires certain assets of Armas Trasmediterránea, following an in-depth Phase II investigation.
The deals concern the regular maritime transport of passengers and roll-on/roll-off cargo on routes linking mainland Spain with the Canary Islands and routes in the Strait of Gibraltar region.
The CNMC authorised the acquisition affecting Canary Islands routes subject to commitments offered by Baleària to address competition concerns. By contrast, the authority approved the transaction relating to routes in the Strait of Gibraltar without conditions after concluding it posed no competition risks.
According to the regulator, the Canary Islands transaction could have created a monopoly in the market for passenger and cargo transport between mainland Spain and the archipelago. The CNMC also warned that Baleària would effectively assume the competitive position previously held by Armas on certain inter-island routes.
Without remedies, the authority said the deal could have led to reduced service frequencies or lower quality, potential price increases on certain routes and the loss of competition in tenders for routes subject to public service obligations.
To address these concerns, Baleària committed to several measures, including dissolving a joint operating arrangement on the Huelva–Canary Islands route, maintaining existing service capacity and frequencies, and investing €25 million over three years to upgrade the acquired fleet. The company also pledged improvements to onboard services, enhanced environmental performance and strengthened internal competition compliance measures.
Additional commitments include monitoring ticket prices, maintaining employment levels linked to the acquired operations and reopening the Morro Jable–Las Palmas route previously discontinued by Armas.
The commitments will apply for three years and will be monitored by the CNMC, with Baleària required to report periodically on their implementation.
The approval of the Canary Islands transaction is not yet final, as Spain’s Minister of Economy, Trade and Business may decide to refer the case to the Council of Ministers for review on broader public interest grounds.
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