Target Information

Astaldi S.p.A., an established player in the global infrastructure construction sector, is set to undergo a significant corporate restructuring through a demerger into Webuild S.p.A. The Boards of Directors of both companies have approved this transaction, with shareholder meetings scheduled for April 29 and April 30, 2021, to finalize the plan. The demerger is anticipated to come into effect on August 1, 2021, simplifying the structural organization and enabling targeted focus on core operations.

The demerger involves the separation of Astaldi's assets related to its Continuity Business, which will be integrated into Webuild, while the remaining assets will remain under Astaldi. This transaction aims to streamline operations and enhance operational efficiencies while addressing the obligations set forth in Astaldi's creditors' composition agreement.

Industry Overview

The infrastructure sector in Italy, where both Astaldi and Webuild primarily operate, is undergoing a transformative phase, characterized by significant public and private investments. The Italian government's commitment to enhancing primary infrastructure, combined with its recovery plan post-pandemic, is expected to further fuel demand for construction and engineering services. This backdrop creates a favorable environment for large-scale infrastructure projects, particularly in transportation, energy, and civil engineering.

Webuild and Astaldi are two of the leading contractors in this space, with substantial experience in constructing and managing complex projects both nationally and internationally. The ongoing need for modernization of transportation networks and energy infrastructure aligns with the capabilities of these companies, enhancing their market position and potential for new contracts.

Furthermore, the sustainability trends impacting the construction industry also guide the strategic focus of these firms, as they pivot towards greener technologies and sustainable construction practices. This shift is expected to attract both public investment and private partnerships, providing a lucrative avenue for growth in the years ahead.

Rationale Behind the Deal

The demerger is conceived as a strategic maneuver within the broader

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