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Webuild acquires infrastructure firm Astaldi

Juan Santamaria, previously Managing Director of CPB Contractors, has been promoted to CEO and Managing Director of CIMIC Group. He will begin in the new role on 5 February 2020.

Webuild has acquired 65 per cent of international construction group Astaldi, leading to the creation of a new group specialised in large infrastructure projects in sustainable mobility, hydropower, water and green buildings.

The new group will be a leader in the Italian market and will have an order backlog of more than €40 billion ($64.7 billion).

In addition to giving the Webuild group more scale, the acquisition will expand the group’s geographic footprint. It also allows it to act quickly on the investment programmes promoted by national governments for large, strategic infrastructure projects and to contribute to the advancement of the Sustainable Development Goals set by the United Nations, and to the fight against climate change.

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Following the acquisition, the Webuild group will have around 70,000 direct and indirect employees in more than 50 countries.

The operation was completed by means of a capital increase by Astaldi equal to €225 million in cash and reserved for Webuild. The money will finance Astaldi as an ongoing concern and will also pay off privileged and pre-deductible creditors.

Webuild financed its participation with cash raised from a capital increase in November 2019 that was entirely subscribed and paid-in by Salini Costruttori, CDP Equity, Banco BPM, Intesa Sanpaolo, UniCredit and other institutional investors.

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