Salini Impregilo announces acquisition of Cossi and targets Astaldi3 April 2019
Italy – Salini Impregilo has bought a majority stake in Cossi Costruzioni. A Salini spokesperson said that it has also offered to buy Astaldi.
The move for Cossi served two purposes, according to a Salini Impregilo spokesperson. The first was to strengthen Salini’s expertise in tunnelling, especially in Switzerland. The second is that a number of Italian companies are in financial difficulty, and Salini is acting as a consolidator.
Ailing Cossi Costruzioni was under the control of a government-appointed administrator before the sale of a 63.5% share to Salini. The Cossi family and the bank, Banca Poplare I Sondrio, will retain an 18.25% stake each.
The spokesperson said of the deal, “The transaction will see the company be recapitalised by the banks by renouncing a large part of the debt owed to them for EUR 24M (USD 27M). Salini Impregilo will give it a loan of EUR 12M (USD 13.5M) to help safeguard current activities and temporarily finance net working capital.
“The transaction, supported by Banca Popolare di Sondrio, is a prime example of how the bank plans to undertake a consolidating role in the Valtellina area to rescue an important business asset, save jobs as well as safeguard its receivables.”
Cossi Costruzioni, which was advised by Partners SpA, was founded by the Cossi family in Valtellina, northern Italy in 1976 to specialise in tunnelling. The company has 170 employees and, through its subsidiaries LGV and Mosconi, conducts most of its activity in Italy and Switzerland.