Astaldi sells car park business to insitutional investors for 50 5 million

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Astaldi sells car park business to insitutional investors for 50 5 million

On 23 December 2013, Astaldi Concessioni, a 100% subsidiary of Astaldi S.p.A., announced that it has signed an agreement to sell to a group of institutional investors 95% of AST VT S.r.l. and AST B S.r.l., holders of concessions for the Group's Car Parks Unit.

The business unit owns the "Riva Reno" and "Piazza VII Agosto" car parks in Bologna, the "Corso Stati Uniti" and "Porta Palazzo" in Turin, and the "Piazza Cittadella" car park in Verona.

For the operation, the car parks unit was valued at €50.5 million, equal to about 12.5x the 2013 EBITDA.

The operation is slated for closing by the first half of 2014. This operation confirms implementation of the strategies set out in Astaldi's 2012-2017 Business Plan, which, among other things, calls for the progressive valuation and disposal of the group's activities under concession.

Astaldi issued €600 million in senior corporate bonds coming due in 2020.

Astaldi is a leading general contractor in Italy, working in the design, construction and management of public infrastructures and large-scale civil engineering works, mainly in the transport infrastructures, energy production plants, civil and industrial constructions, and systems. It has been listed on the Italian Stock Exchange since 2002 and holds 92nd position in the list of Top Global Contractors.

Astaldi ended 2012 with an order backlog of over €10 billion, a turnover of over €2.4 billion and net profit of over €74 million.

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