The European Bank for Reconstruction and Development (EBRD) announced on February 12 that it is set to complete the sale of Danube Logistics, the operator of Moldova’s Giurgiulesti International Free Port (PILG), to Romania’s state-owned National Company Maritime Ports Administration Constanța (CNAPM).

According to the EBRD, the Share Purchase Agreement (SPA) for the sale of 100% of its stake in Danube Logistics was signed on December 31, 2025. The Port of Constanța has not independently confirmed the transaction so far, although the EBRD said the SPA approval was announced by CNAPM on February 12, 2026.

“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 had previously been estimated at around €62mn, with CNAPM reportedly planning additional investments of approximately €24mn after the takeover.

The transaction faced several legal and corporate hurdles. Last summer, CNAPM’s minority shareholder Fondul Proprietatea challenged the acquisition in court. CNAPM also conditioned the purchase on the Moldovan authorities extending the “international free port” status of Giurgiulesti beyond 2030, when the current regime expires.

In parallel, the Romanian state offered to buy out Fondul Proprietatea’s 20% stake in CNAPM, a move that could facilitate the acquisition, though no concrete progress has been reported publicly.

Another obstacle was removed in mid-January, when the Moldovan media outlet IPN reported that Bemol Company had withdrawn all claims against the port operator (which it previously owned) after reaching a final settlement in a long-running dispute over control of Danube Logistics. The terms of the settlement were not disclosed. Previously, Bemol — linked to Azeri investor Rafiq Aliyev — had managed to seize a 100% stake in Danube Logistics in court in connection with a claim of roughly $10mn against the Danube Logistics' past management.

The EBRD said the transaction followed “an extensive global mergers and acquisitions tender process” aimed at identifying a long-term strategic investor committed to developing the port and strengthening Moldova’s integration into regional and global trade networks.

According to the bank, the Port of Constanța has committed to significant long-term investments to expand capacity, modernise infrastructure and reinforce Giurgiulesti’s position in the Black Sea region and the Danube basin. The planned investments are expected to enhance the port’s competitiveness, improve Moldova’s logistical resilience and strengthen regional trade links.

Danube Logistics holds a 99-year concession for the port, granted in 2004. The EBRD noted that the transaction “is expected to close imminently.”