March 19, 2020 / 4:48 PM / in 14 days

Astaldi signs deal to sell stake in third Bosphorus bridge to IC Ictas

MILAN, March 19 (Reuters) - Italian builder Astaldi said on Thursday it had signed an accord to sell its stake in Istanbul’s third Bosphorus bridge to its local partner IC Ictas Sanayi ve Ticaret for $315 million, in a key step of its rescue process.

Astaldi, which has tapped a creditor protection scheme, will use the proceeds from the sale to pay creditors who are due to meet on March 26 to give a green light to the company’s rescue plan.

Under the plan, rival Salini Impregilo is set to buy a majority stake in Astaldi to build a national construction giant.

Ictas, which in turn is discussing the sale of a majority stake in the bridge to a consortium of Chinese entrepreneurs, will pay Astaldi once they clinch the sale or, alternatively, in tranches over the next three years.

Reporting by Elisa Anzolin; editing by Valentina Za

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