CDP Equity
Construction

Webuild

  • Status Active
  • CDP Equity Start of the investment 11/12/2019
  • CDP Equity Investment size € 250 mln
  • CDP Equity Shareholding 18.7%
CDP Equity

Overview​

WeBuild (previously Salini Impregilo) is an industrial group specialising in large complex infrastructure: dams and hydroelectric plants, hydraulic works, railways and underground railways, airports and motorways and civil and industrial buildings. It is active in almost 50 countries and with over 35,000 employees. WeBuild's acquired orders porfoglio for 2020 was approx. € 10 bln, and by the end of the same year reached approx. € 42 bln. In the year 2020 WeBuild reported earnings of € 5.3 bln with approx. € 780 million of EBITDA

Rationale​

The construction sector performs a strategic role for the Italian economic system because it generates turnover of approximately € 193 bln and contributes about 8% to national GDP, it employs over 1.4 million workers distributed between more than 800,000 companies and keeps the whole economy moving. However, in Italy, the sector has some structural limitations which hamper its development and competitiveness. For this reason, CDP Equity aims to consolidate WeBuild, by supporting it in the implementation of very complex infrastructure projects.​

Results​

In November 2019, CDP equity, as a strategic shareholder, took part in of a capital increase of € 600 million in total. With the investment in WeBuild of € 250 million, CDP Equity became the second biggest shareholder (after Salini Costruttori) with a share of 18.7%. With the entry in the capital of WeBuild, CDP Equity favours the creation of Progetto Italia (Italy Project) where WeBuild performs the role of a consolidator of the construction sector in Italy. In November 2020, WeBuild completed the purchase of 65% of Astaldi, the second biggest company in the construction sector in Italy and, in March 2021, it was announced the proportional partial demerger of Astaldi to WeBuild that will be completed with the integration of Astaldi in WeBuild. These operations, in addition to ensuring the growth of WeBuild, will allow the aggregation of technical skills and innovative engineering and the expansion of the reference geographical landscape to promptly respond to investment programmes in the large strategic infrastructure sector backed by national governments.