Econocom enters into exclusive negotiations with a view to selling the firm Les Abeilles to the Boluda group

press releases
published on 03/04/2024 - 17:45

The Econocom group has announced that it has entered into exclusive negotiations with the Spanish towage and shipping group Boluda with a view to selling 100% of its shares in the firm Les Abeilles to this group. 

The bodies representing staff will be consulted about the planned sale in the coming days. This transaction is scheduled for completion in the second quarter of 2024 and it remains subject to the agreements being finalised and the condition precedents that usually apply to this type of transaction, including approval from French authorities.

This sale will reinforce Econocom’s solid financial structure with a view to its strategic plan One Econocom being applied over the 2024–2028 period. This plan was announced in mid-November and includes self-financing of Econocom’s future organic and external growth.

The Econocom group bought the firm Les Abeilles in 2020. At the end of 2023, Les Abeilles was reclassified as an ‘asset held for sale’, pursuant to the IFRS 5 standard and in line with the strategic directions of the One Econocom plan.

Jean-Louis Bouchard, Chairman and Managing Director of Econocom, said: ‘We are delighted with this transaction with the Boluda group, a global leader in towage. Through this sale, Les Abeilles will enjoy support from a major player to develop in the future. The sale will take place as part of our plan to sell certain assets that are not strategic for our core business, which we announced in mid-November as part of our strategic plan One Econocom for the 2024–2028 period.’

Samira Draoua, Chairwoman of Les Abeilles, added: ‘Ever since we acquired Les Abeilles in September 2020, we have been keen to strengthen and develop this flagship firm in French maritime activities. We bought and launched two of the world’s most powerful tugboats (Abeille Méditerranée and Abeille Normandie). We have also diversified our activities through Abeille Horizon and reinforced our expertise by creating the Abeilles International training school. Through this sale to Boluda, Les Abeilles will be able to pursue and speed up this course.’

Vicente Boluda Fos, Chairman of Boluda, added: ‘Our group has been present in France since 2007 and is deeply rooted there. Our commitment to French employment and growth has always been a prominent characteristic of our identity. Boluda is a family group that is over a hundred years old. Today, the group has reached a key moment in its history by becoming an undisputed global leader in towage. The arrival of Les Abeilles, with its operational expertise, in our group is a new stage in this growth.’

Next publication: Q1 2024 revenue on 18 April 2024 after market close.

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