Astaldi

What Astaldi does

Astaris S.p.A. (formerly Astaldi S.p.A.) is an Italian infrastructure company now operating as a residual liquidation vehicle following a multi-year financial restructuring. Founded in 1929 as a construction contractor in Rome, Astaldi grew over a century into one of Italy's largest infrastructure groups, executing large-scale civil engineering projects — motorways, high-speed railways, metro systems, hospitals, and hydraulic works — across more than 15 countries including Italy, Romania, Turkey, India, Canada, Chile, Poland, the United States, Mexico, and Honduras. Its business model rested on two revenue streams: (1) one-time EPC (engineering, procurement, and construction) contracts won through competitive public tenders with government and state-owned entities, with revenue recognized over project duration on a percentage-of-completion basis, and (2) recurring Build-Operate-Transfer (BOT) concession and operations & maintenance income from completed toll roads and healthcare facilities. Projects were typically executed through joint ventures and consortia (e.g., Consorzio Mobilinx for the Hurontario LRT), and customer concentration was 100% public-sector.

Severe financial distress beginning in 2018 led Astaldi into concordato preventivo (composition with creditors) proceedings, homologated by the Court of Rome in July 2020. In July 2021, the company executed a partial proportional spin-off (scissione) transferring all continuing construction operations, the order portfolio (Euro 8.5 billion at H1 2021), and operational assets to Webuild S.p.A. (formerly Salini Impregilo), which had become industrial partner through capital increases in 2018 (IHI Corporation) and 2020 (Webuild and unsecured creditors). The residual entity was renamed Astaris S.p.A. in May 2022, with Fondazione Creditori Chirografari (the unsecured creditors' foundation) as sole shareholder. Astaris today manages a Patrimonio Destinato (Destined Heritage) containing retained assets — GOI Motorway, Etlik Hospital in Turkey, and property in Rome — which are being divested through 2026 for distribution to creditors. The company is no longer publicly listed, has no operating revenue stream, and has no product or technology platform beyond an internal document-access portal used during the restructuring.

Name

Astaldi

Legal name

Astaris S.p.A.

Website

https://astaldi.com

Company type

Private

Founded year

1929

Operating status

Operating

Headcount range

5,001–10,000 employees

Short description

Astaris S.p.A. (formerly Astaldi S.p.A.) is an Italian infrastructure company now in liquidation following the 2021 demerger of construction operations to Webuild S.p.A., managing residual asset sales for creditor distribution.

Ownership category

akta.pro rank

Headquarters

HQ city

Rome

HQ country

Italy

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Supply Chain, Operations, Infrastructure, Marketing or Sales

Revenue model

1. EPC Construction Contracts: Engineering, procurement, and construction contracts for large infrastructure projects including roads, railways, metro systems, hospitals, and hydraulic works. Revenue recognized over project duration based on percentage of completion.
2. Concessions and O&M: Build-Operate-Transfer (BOT) concessions and operations & maintenance contracts for completed infrastructure. Generates long-term recurring revenue from tolls and service fees.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels1 record

Core offering

Astaldi (now Astaris S.p.A.) is an Italian construction group that designs, engineers, procures, and builds large-scale civil infrastructure including motorways, railways, metro systems, hospitals, bridges, and hydraulic works. Following its 2021 demerger of operating activities to Webuild S.p.A., the remaining entity (Astaris) manages a Liquidation Perimeter of retained assets, including the GOI Motorway concession, Etlik Hospital, and a property in Rome, together with associated operations and maintenance.

Product overview

Astaldi (now Astaris S.p.A.) is an Italian construction and infrastructure company specializing in large-scale civil engineering projects. The company designs and builds transport infrastructure (motorways, railways, metro systems), healthcare facilities (hospitals), and other public works. Following a composition with creditors procedure and partial demerger of its operating activities to Webuild S.p.A. in 2021, Astaris is now in liquidation and manages its remaining assets (GOI Motorway, Etlik Hospital, Property in Rome) for distribution to creditors. The company does not offer software products or technology platforms; its business is purely in construction and infrastructure development.

Differentiator

Problem solved

Functional benefit

Products and services

• EPC Construction Contracts
• Concessions and Operations & Maintenance (O&M)
• Liquidation Perimeter Asset Management

Named customers6 records

Segments1 record

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Four partnerships are on record, tiered core and minor.

• Webuild (formerly Salini Impregilo)coreStrategic or Co-development Partner · 29 July 2021Partial proportional demerger of Astaldi in favor of Webuild completed in July 2021. Webuild acquired all continuing business activities of Astaldi including the order portfolio and operational assets. This was part of Astaldi's restructuring under its composition with creditors (concordato preventivo).
• IHI CorporationminorStrategic or Co-development Partner · 16 May 2018Strategic industrial partnership (Global Partnership Agreement) signed with IHI Corporation and IHI Infrastructure Systems for construction projects, particularly targeting international markets and leveraging respective competencies.
• MERIDIAM LATAMminorStrategic or Co-development Partner · 22 February 2017Strategic partnership with French infrastructure fund MERIDIAM for development of healthcare infrastructure projects in Chile, with MERIDIAM acquiring stake in hospital concession company.
• Consorzio MobilinxminorStrategic or Co-development PartnerJoint venture with Salini Impregilo and Canadian partners for Hurontario Light Rail Transit project in Canada, valued at approximately CAD 1.3 billion.

Scale indicators9 records

Recent moves10 records

Expansion highlights4 records

Direct peers

• Ghella S.p.A. Italian family-owned infrastructure specialist with deep tunneling and metro expertise, comparable to Astaldi's historic capabilities in metros, tunnels, and complex underground works.
• Toto S.p.A. Italian infrastructure group active in transport (highways, railways) and concessions, with comparable project profile to Astaldi's pre-restructuring business including international expansion.
• Webuild S.p.A. (formerly Salini Impregilo): Italian global infrastructure contractor that absorbed Astaldi's construction operations via the July 2021 partial proportional demerger. Most directly comparable peer — same geography, same vertical (transport infrastructure, hospitals, hydraulic works), and now operates the order portfolio that Astaldi historically built.
• Impresa Pizzarotti & C. S.p.A. Major Italian infrastructure and civil engineering contractor with comparable project mix (highways, railways, hospitals, tunnels). Direct comparable for what Astaldi's operating business looked like pre-demerger.
• Todini Costruzioni S.p.A. Italian general contractor active in transport infrastructure (railways, highways) and civil engineering projects. Direct comparable for the type of mid-to-large public infrastructure projects Astaldi historically executed.
• Condotte d'Acqua S.p.A. Historic Italian infrastructure contractor (founded 1880) that entered extraordinary administration/liquidation, making it the closest comparable to Astaris's current residual-entity status. Similar business mix of large public-works contracts.
• CMC Ravenna: Italian cooperative infrastructure contractor that also entered concordato proceedings, providing a precedent for distressed Italian civil engineering firms. Closely comparable in sector (transport infrastructure), geography, and recent financial restructuring experience.

Emerging players

• Salcef Group S.p.A. Italian listed railway infrastructure specialist (maintenance, construction, rolling stock) that overlaps with Astaldi's historic rail and metro capabilities but with a narrower, more specialized focus.

Broad incumbents

• VINCI S.A. French global construction and concessions major (Eurovia, VINCI Construction, VINCI Concessions) that operates the same business model — EPC contracting combined with long-dated transport concessions — that Astaldi historically pursued.
• ACS Group (Actividades de Construcción y Servicios): Spanish global infrastructure conglomerate with operations in transport infrastructure and concessions across Europe, the Americas, and Asia-Pacific — broad incumbent comparable in both contracting and concession models.

Market position

Strengths3 records

Weaknesses4 records

Competitive moat3 records

Key risks6 records

Key highlights5 records

Customer concentration

• LinkedInit.linkedin.com/company/astaldi

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

Subsidiaries2 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Astaldi