ZAGREB (Croatia), June 26 (SeeNews) - Croatian cargo shipping company Tankerska Plovidba [ZSE:TNPL] and Slovenia's Iskra have acquired Dubrovnik-based passenger shipping firm G&V Line for an undisclosed sum, Croatian media reported.
With the acquisition, the two firms have jointly entered the coastal liner market, news daily Poslovni Dnevnik reported last week.
"I am happy to have sold the company to such a good team. They carried out due diligence and had no objections," Poslovni quoted the former owner of G&V Line, Lenko Garbin, as saying.
Garbin will remain with the company as an advisor.
Garbin said that G&V Line has a concession contract for operating the Dubrovnik - Lastovo island passenger line, which expire after four years.
He also said he believes the company will quickly expand its business in the Adriatic Sea where many new lines could be introduced.
G&V Line owns the Nova Ana catamaran which provides transport services linking Dubrovnik to the islands of Lastovo, Korcula, Mljet and Sipan. The new owners plan to buy new passenger ships and expand the business, Poslovni said.
Tankerska Plovdba is Croatia's largest shipping company, which has in possession 12 cargo ships.
Slovenia's Iskra provides intelligent industrial solutions and cutting-edge electro-technical products. Last year, its Croatian shipbuilding unit, Iskra Brodogradiliste, took over its local peer Remontno Brodogradiliste that had been in liquidation.