In June 2011, the Regional Government announced that it would purchase 60% of Transmaçor, equivalent to 500,000 Euro of the company's capital. With this transaction the autonomous government of the Azores ceded control, of which it once had 88% of the capital. The signed memorandum of understanding concluded negotiations between the various parties involved, under which the liability of Transmaçor (worth a total of 8 million Euro) was divided equally between the government and businessman José E. Almeida, who is now the holder of a majority stake in the company. Similarly, the Regional Government approved the consolidation of the three individual port authorities (Administração dos Portos do Triângulo e Grupo Ocidental, Administração dos Portos da Terceira e Graciosa and the Administração dos Portos das Ilhas de São Miguel e Santa Maria) and regional Portos dos Açores into one entity that resulted in a 2.2 million Euro cost savings, in addition to a reduction from 11 to three administrators.