Webuild has launched a voluntary all-cash tender offer to acquire 100% of the ordinary shares of Italian engineering company Trevi Finanziaria Industriale S.p.A. (Trevi), with the aim of strengthening its capabilities in special foundations and subsurface engineering.
The offer, approved by Webuild’s Board of Directors, values Trevi at approximately €295m, with shareholders offered €4.50 per share in cash. According to Webuild, the offer price represents a 29.8% premium to Trevi’s closing share price on 26 June and a 14.4% premium to the valuation implied by the competing offer from I.CO.P.
The transaction is conditional on regulatory approvals and Webuild acquiring at least 66.7% of Trevi’s voting rights. If successful, Webuild intends to delist Trevi from the Milan stock exchange.
Webuild said the acquisition would strengthen its position in major infrastructure projects by bringing specialist geotechnical capabilities in-house, while giving Trevi access to the group’s commercial platform and order backlog of approximately €54bn. The company estimates annual EBITDA synergies of €80–90m, with the transaction expected to increase Webuild’s EBITDA by €150–170m, including synergies.
The company said Trevi would retain its Italian identity, headquarters and technical, engineering and managerial expertise while benefiting from integration into the wider Webuild Group.
Webuild stated: “Thanks to our global commercial platform, Trevi will gain access to new geographies, clients and larger tenders, placing its specialist capabilities at the service of the Group and the market along a new growth trajectory. At the same time, Trevi will be able to continue expanding its distinctive capabilities, leveraging the industrial and commercial synergies arising from integration into a global infrastructure leader. Trevi’s people, expertise and industrial culture represent an essential element of the transaction’s value and a driver for the future success and growth of both organizations. For Trevi shareholders, our Offer represents certain, immediate and higher value.”
Trevi, headquartered in Cesena, Italy, has more than 65 years of experience in subsurface engineering and employs more than 3,000 people. Its portfolio includes foundation engineering and specialist construction services through its Trevi division, and foundation engineering equipment manufacturing through Soilmec. In 2025, the company reported an order backlog of €748m, EBITDA of €86m and net financial debt of €187m.
In the hydropower sector, Trevi and Webuild are already working together on the Rogun hydropower project in Tajikistan, one of several joint infrastructure projects listed by the companies.
