Financial Distress
Salini Impregilo: We Could Acquire Troubled Astaldi
A recent announcement from Astaldi on its financial workout.
Milan-based contractor Salini Impregilo Group has revealed its interest in potentially acquiring financially troubled Astaldi Group, Rome, in its bid to “consolidate its leadership position in the global large infrastructure business sector.”
Astaldi has been sheltering under court protection against creditors as going concern after hitting an obstacle in its capital raising plan late last month. Astaldi faces delays in efforts to sell its interest in Turkey’s Third Bosporus Bridge “due to the political and economic/financial events”.
Astaldi has a 33.33% interest in a build, operate, transfer contract covering Turkey’s 150 km Northern Marmara Highway including, what is known as, the Yavuz Sultan Selim Bridge cable stayed bridge over the Bosporus Istanbul, which expires in 2024. The bridge was inaugurated in August 2016.
With global sales of around $3.5 billion, Astaldi ranks 47 in ENR’s current Top 250 International Contractors league. Among current international contracts, Astaldi has 40% of joint venture which is developing a $1.2 billion design build contract to improve a 22 km stretch of I-405 highway in Los Angeles.
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