The financial event of the last Friday on the Stock Exchange was the merger between Webuild and Astaldi, which gave birth to the national construction champion. A long-awaited operation, which materialized with the go-ahead for the acquisition by Webuild of 65% of Astaldi, through the execution of the cash capital increase of 225 million. Contextually, it was completed the second capital increase of Astaldi for 98,7 million reserved for unsecured creditors. After the announcement, Astaldi's stock immediately soared in the morning, gaining over 20%, only to then deflate and even close in slightly negative territory in the evening.
The new shareholder structure of Astaldi is therefore now made up of Webuild, the leading shareholder with 65% of the capital; the creditors with 28,5% and the current shareholders with 6,5%. The group is now working on an industrial plan with the aim of presenting it to the market in the coming months. For the combined entity, Equita expects a turnover of 2021 billion in 7,2, an Ebit of 303 million (margin of 4,2%) and a profit of 120 million with a net financial position. The operation took place under the direction of Cdp and with the participation of Intesa Sanpaolo and Unicredit, as part of Progetto Italia.
“The merger between Webuild and Astaldi – he commented the CEO of Cdp Fabrizio Palermo – represents an important piece of Progetto Italia, launched in 2019 with the support of Cassa Depositi e Prestiti and aimed at creating the Italian champion in the construction sector. Thus was born a group characterized by unique skills and allows to seize significant business opportunities for the development of complex infrastructures on international markets, with benefits for the entire Italian construction chain and in particular for small and medium-sized companies that make it part. In its role as long-term shareholder, CDP will continue to support Webuild's growth plans."
“The acquisition of Astaldi by Webuild – he added Carlo Messina, Managing Director and CEO of Intesa Sanpaolo – marks a turning point in the infrastructure sector in our country. Thanks to this operation, a group was born which, under the guidance of Pietro Salini, intends to achieve adequate dimensions, high solidity, an even more modern organization and greater efficiency, to compete all over the world and allow Italy to return to excel in a sector that has always seen it as a protagonist. From the outset we wanted to support Progetto Italia, certain that this would allow the entire supply chain to be made safe and promote new opportunities in terms of jobs, especially for our young people. For these reasons, even more today, we feel the duty to intervene and guarantee support for those projects that will allow our economy and our production system to emerge stronger from the current condition caused by the health emergency".
“UniCredit – he finally said CEO Jean-Pierre Mustier – is proud to have played an important role in the creation of the largest construction company in Italy. Thanks to the acquisition of Astaldi, WeBuild will further consolidate its competitive position at an international level. This will also be a fundamental step in support of the infrastructure development plan promoted by the Government to boost the Italian economy”.
