Salini Impregilo Appears Set To Pick Up Astaldi, Go After More US Projects

Jul 11, 2019 203

Bankrupt Italian contractor Astaldi Construction Corp. appears poised to become an integral part of new Italian infrastructure conglomerate to be led by Milan-based contractor Salini Impregilo, resolving financial woes that left its North American operations in disarray.

As leader of the “Progetto Italia” (Project Italy) group of contractors and investment banks, Salini Impregilo would follow through on its February 2019 offer to purchase a 65% stake in Astaldi, including spending $325 million to help settle the troubled firm’s debts. According to Italian media reports, Progetto Italia hinges on a 600-million Euro recapitalization for Salini Impregilo, a deal expected to close this month.

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