Webuild has completed the acquisition of a 65 percent stake in Astaldi as part of Progetto Italia (Project Italy).

Progetto Italia was launched last year with the backing of CDP Equity and some of the main Italian financial institutions (Unicredit, Intesa Sanpaolo and Banco BPM) with the aim of breathing life into the country’s ailing construction sector.

The initiative’s goal is to consolidate Italy’s construction sector and create a large group with the scale and resources to serve the domestic market, while improving the competitiveness of Italian companies in international markets.

Webuild’s acquisition of rival Astaldi – the second-largest construction company in the country – creates a group specialised in large infrastructure projects in sustainable mobility, hydropower, water and green buildings. The group will rank among the leading players of the sector worldwide with an order backlog of more than EUR40 billion (USD47.4 billion).