Salini Impregilo Offers Rescue Purchase of Astaldi Group
Milan-based firm would take 65% share of troubled Roman rival
Italy’s largest contractor Salini Impregilo Group, Milan, has offered to rescue Rome-based Astaldi Group from court protection by purchasing 65% ownership of the financially troubled, Rome-based construction firm, subject to various approvals.
Salini Impregilo’s offer includes a $325-million cash injection to repay protected creditors and keep Astaldi in business after selling off various infrastructure assets. Unsecured creditors will be paid in shares giving them 28.5% of Astaldi, leaving existing equity holders with 6.5%.
As part of the proposed deal, Astaldi would dispose of its interests in concessions, including those covering Turkey’s Third Bosporus Bridge, the Gebze-Orhangazi-Izmir Motorway and the Etlik Integrated Health Campus in Ankara. Also included would be the Arturo Merino Benitez International Airport and Felix Bulnes Hospital in Chile.
Astaldi entered court protection late last year after facing delays in efforts to sell its interest the Third Bosporus Bridge as part of a capital raising plan. With global sales of around $3.9 billion, Astaldi ranked 47 in ENR’s current Top 250 International Contractors league.