Italian construction giant Webuild has formalised the acquisition of tunnelling specialist Seli Overseas as part of an agreement with Grandi Lavori Fincosit.
Taking effect last month, the acquisition followed a competitive procedure launched in April by the judicial liquidator of the arrangement with creditors of Grandi Lavori Fincosit.
Over 70 years, Seli Overseas has dug more than 800km of tunnels in Italy and abroad for roads, metros, railways, hydroelectric projects and water management schemes.
It previously worked with Webuild on projects including the high-speed railway between Milan and Genoa, currently under construction, and Copenhagen’s Cityringen metro.
In a press note, Webuild said the acquisition is a further step of its “Progetto Italia” initiative to consolidate Italy’s infrastructure sector to help it carry out work for the Italian National Recovery and Resilience Plan.
Image: Seli Overseas has worked with Webuild on projects including the high-speed railway between Milan and Genoa (Courtesy of Webuild)