March 20 (SeeNews) - Italian construction company Astaldi said it has agreed to sell its stake in the concession for the construction and operation of Northern Marmara Highway in Turkey, a project which includes building a third bridge over the Bosphorus strait, to its local partner IC Ictas Sanayi ve Ticaret A.S. for $315 million (292.2 million euro).
The purchase price does not include the repayment of Turkish creditors for an amount of approximately 142 million euro ($152.9 million) and the relevant transaction cost, Astaldi said in a statement on Thursday.
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Ictas, which is discussing the sale of a majority stake in the concession to a consortium of Chinese entrepreneurs, will pay Astaldi after it carries out the potential sale to the Chinese consortium or in annual installments by the fourth quarter of 2023.
Astaldi, currently under a creditor protection scheme, in December announced it is selling its stake in the concession to Ictas as part of its rescue plan.
($ = 0.9285 euro)