Salini Impregilo, Italy’s largest contractor, has acquired a 63.5% stake in Valtellina-based Cossi Construction, which specialises in tunnelling work in Italy and Switzerland.
Salini Impregilo purchased a 63.5% stake from Italian construction firm SocietÃ Italiana per Condotte d’Acqua, which is currently in administration. The remaining shares are split equally between the Cossi family and the Banca Popolare di Sondrio.
As part of the deal, Salini will loan the firm €12m, and Cossi’s creditors will forgive part of its €24m debt.
Cossi, which has 170 employees, has worked on projects such as the renovation of the Mont Blanc Tunnel and the base railway tunnel of Monte Ceneri in Switzerland.
Image: Cossi Construction’s tunnelling work