Astaldi S.p.A. has sold its interest in the Northern Marmara Highway concession in Turkey to IC Ictas Sanayi ve Ticaret A.S. for USD 315 million as part of its restructuring strategy.

Target Information

Astaldi S.p.A. (“Astaldi” or the “Company”) has successfully concluded the sale of its interest in the concession for the construction and operation of the Northern Marmara Highway, commonly referred to as the “Third Bridge,” located in Turkey. The acquired stake has been sold to IC Ictas Sanayi ve Ticaret A.S. (“Ictas”). This strategic divestment is part of Astaldi's ongoing efforts to enhance its financial position while navigating through a composition procedure aimed at creditor protection.

The agreement with Ictas has received validation from the Court of Rome, affirming it as the most protective option available for creditors within Astaldi's restructuring plan. The terms of the agreement are aligned with the company's composition proposal, ensuring all parties’ interests are appropriately addressed.

Industry Overview in Turkey

Turkey’s infrastructure sector has been a focal point of national development, characterized by significant investments in transportation, energy, and other critical areas. The Northern Marmara Highway and the Third Bridge play a vital role