JPMorgan has been picked as an adviser for the sale of a stake in a $7.3 billion...
FILE PHOTO: A J.P. Morgan logo is seen in New York City, U.S. January 10, 2017. REUTERS/Stephanie Keith/File Photo
Billed as a landmark project in the financing of infrastructure schemes involving the government and the private sector in Turkey, the final section of the 426 km-long Gebze-Orhangazi-Izmir motorway was inaugurated last year to link Istanbul in the northwest to the western port city of Izmir. One of the sources, who had direct knowledge of the matter, said the total value of the sale depended on interest from potential buyers.Italian contractor Astaldi , which has a stake of just under 19% in the project, has been hard hit by a downturn in Italy’s construction industry and is under a creditor protection scheme. It has already agreed to sell its 33% stake in the third Bosphorus Bridge to its Turkish partner, a move aimed to help the Italian builder complete a rescue plan.
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