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.