According to Italian business newspaper Il Sole 24 Ore, Italy-based construction engineering group Permasteelisa will be acquired by Japanese giant JS Group for €600 million. The official agreement will be signed by the end of this week.
Permasteelisa, founded in 1973, has contributed to the construction of some of the most important buildings in the world in recent decades, for example, the Guggenheim Museum in Bilbao, Spain, and Yas Hotel in Abu Dhabi, United Arab Emirates.
In 2010, Permasteelisa had fully recovered from the crisis, achieving a turnover of over €1 billion, thanks to its many activities in Far Eastern countries. The company has no debts and last year its profitability stood at €80 million.