The European Bank for Reconstruction and Development (EBRD), in a press release on February 12, announced it is set to complete the sale of Danube Logistics, the operator of the Giurgiulesti International Free Port (GIFP), to the Romanian state-owned Port of Constanta (CNAPM Constanta). The contract was signed on New Year’s Eve (December 31) according to the EBRD, but the Port of Constanta has not announced the deal yet.

“This transaction marks a milestone for Moldova’s economic development and integration into regional and global trade networks. It also demonstrates the growing investor confidence in Moldova’s potential and its strategic importance as a logistics and transport hub for the wider region,” said  Giuseppe Grimaldi, EBRD Head of Moldova.

The deal was previously estimated at  EUR 62 million, while CNAPM Constanta would invest another EUR 24 million after the takeover.

The deal was challenged in court by CNAPM’s minority shareholder Fondul Proprietatea last summer, and CNAPM itself conditioned the purchase on the Moldovan state extending the “international free port” statute of PILG beyond 2030. 

In the meantime, the Romanian state offered to buy out Fondul Proprietatea’s 20% stake in CNAPM, which would smooth PILG’s takeover. But no progress was reported in this regard.

However, EBRD confirmed in its February 12 press release that the transaction “is expected to close imminently.”

Moldovan and Romanian governments support and welcome the transaction, the EBRD further said.

In mid-January, Moldovan media (IPN) announced that another legal obstacle faced by the deal had been removed. Specifically. Bemol Company announced that it is withdrawing all claims related to the PILG, including court actions, precautionary measures, and restrictions applied, after reaching a final settlement of the dispute regarding control over the port operator Danube Logistics. The nature of the final settlement was not announced. Previously, Bemol - Danube Logistics' former owner, controlled by Azeri investor Rafiq Alyiev, managed to seize in court the 100% stake in Danube Logistics for a claim of roughly USD 10 million, in a process against the Danube Logistics’ past management.

The EBRD on February 12 announced that it signed the Share Purchase Agreement (SPA) on 31 December 2025 for the sale of 100% of its shares in Danube Logistics to Romania’s National Company Maritime Ports Administration Constanta (CNAPM, or Port of Constanta).

The approval of the SPA was announced by the Port of Constanța on 12 February 2026, according to EBRD. The deal was not confirmed independently by the Romanian authorities yet. The managing board of CNAPM is currently entirely formed by members appointed temporarily.

EBRD said the agreement is the result of an “extensive global mergers and acquisitions tender process run by the EBRD to identify a long-term strategic investor committed to developing the port and strengthening the integration of the Republic of Moldova into regional and global trade networks.”

The EBRD said Port of Constanta commits to significant long-term investment in the further development of the Giurgiulesti port. The strategic objective is to expand its capacity, enhance its infrastructure, and reinforce its position in the Black Sea region and the Danube basin. These investments are expected to increase the port’s competitiveness, strengthen Moldova’s logistical resilience, and bolster trade links throughout the region.

iulian@romania-insider.com

(Photo source: Ebrd.com)