Italy’s largest contractor, Milan-based Webuild S.p.A. has made itself bigger by completing its acquisition of 65% of Astaldi S.p.A. The acquisition creates a company with more than 70,000 employees in 50 countries and a reported order backlog exceeding $47 billion.
The deal involved rescuing Astaldi, an Italian rival, from court protection that it entered into in 2017 because of financial trouble. The refinancing included Astaldi selling non-core assets and raising $267 million in capital.
Webuild, formerly Salini Impregilo, raised capital by issuing new shares, acquired by Italian state fund Cassa Depositi e Prestiti and other institutions, diluting the Salini family’s ownership from more than 60% to less than 50%.
The Astaldi deal follows smaller acquisitions by Webuilfd in recent years made as part of what the company calls “Progetto Italia,” which aims to consolidate the nation’s highly fragmented contracting industry and restart stalled infrastructure projects.
Webuild ranks at No. 19 on ENR’s Top 250 International Contractors list. Its most recent high profile role was its share in replacing the Polcevera (Morandi) viaduct in Genoa, Italy that collapsed a few years ago, killing 43 people.