MILAN (ITALPRESS) – Webuild has launched a public offer of totalitarian voluntary purchase on Trevi Finanziaria Industriale, with the aim of acquiring control and integrating its specialist skills in the field of foundations and underground engineering. The offer includes a total of €4.50 per share and value the Trevi group approximately €295 million.
The price incorporates a prize of 29.8% compared to the quote of 26 June 2026, the last day of the Stock Exchange opened before the announcement of the competing offer promoted by ICOP, and a higher value of 8.1% compared to the implicit one in the rival operation. The cash structure of the offer, explains the company, guarantees the shareholders of Trevi a certain and immediately monitable value.
The operation is part of the strategy of strengthening the industrial platform of the group led by Pietro Salini, which aims to vertically integrate skills considered strategic for the execution of large complex infrastructure works. In particular, the acquisition would allow to internalize activities with high added value today entrusted to external suppliers, increasing control over executive processes, quality and risk management of the job portfolio, equal to approximately 54 billion euros.
From an industrial and financial point of view, Webuild estimates recurring synergies for approximately 80-90 million euro of EBITDA per year. The operation would also increase the Group’s EBITDA by EUR 150-170 million, including the effects of operational and commercial synergies. These benefits could add additional benefits to the financial front, thanks to better access to capital markets and at a more competitive cost of funding.
For Trevi, the entry into the Webuild perimeter would mean direct access to the commercial pipeline and backlog of the infrastructure group, as well as the possibility to expand the international presence by leveraging the global platform of one of the world’s leading contractors. Webuild stressed the intention to preserve the industrial identity of Trevi, its territorial roots and the heritage of technical and managerial skills developed over sixty years of activity.
“The operation strengthens the Group’s competitiveness in the performance of large complex projects and enhances Italian excellence as Trevi within a global platform,” said CEO Pietro Salini, highlighting the growth opportunities arising from access to new geographies, customers and larger competitions.
The offer is subject, among other things, to obtain regulatory authorizations and to achieve participation at least 66.7% of the voting rights of Trevi. The completion of the operation is expected in the second half of 2026. If the 90% threshold of the capital is exceeded, Webuild will evaluate the delisting of the company from Euronext Milan with the aim of maximizing industrial synergies and speeding up the integration path.
For Webuild it is one of the most important strategic operations in recent years, consistent with the growth path that has led the group to close 2025 with revenues for 13,6 billion euros, an EBITDA greater than 1,1 billion and a total order portfolio of 58 billion euros, consolidating its role among the global leaders of infrastructure.
Webuild closes the first half with an ebitda of 673 million euros growing 13.6% compared to the same period of 2025. The revenues amounted to 66.7 billion and are in line with 2025, record year for the group; more than 60% of the revenues is generated abroad. The ebit stood at 464 million, up by 15%, the net result of the operations ceased evidences a profit for 1 million (loss of 9 million in the first ifmestre 2025), the net result attributable to third party interest shows a profit of 15 million, compared to a loss of 20 million registered in the first half of 2025. The net profit attributable to the members of the adjusted controller is 113 million (132 million in the first half of 2025). The net cash position amounted to 110 million, positive for the eighth consecutive semester, the financial lever is 2.67 times while the order portfolio of the semester is 53.7 billion that, according to the management “guarantees wide visibility for the coming years”. From the beginning of the year the new orders reach 7.7 billion while the Group’s short-term commercial pipeline amounted to 108.3 billion and includes competitions presented and waiting for the award for 19,6 billion and competitions in preparation for 14.2 billion.
-photo printing office Webuild-
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