A Chinese investment consortium has aborted its plan to acquire a controlling stake in Turkey’s ICA Construction.
ICA owns part of the North Marmara highway, including the Yavuz Sultan Selim bridge over the Bosporus. Led by China Merchants Expressway Network & Technology Holdings, the consortium of six state-owned expressway companies had reached an agreement with ICA in 2019 to gain the rights to the highway and the bridge.
The highway connects the Asian and European sides of Istanbul via one of the largest suspension bridges in the world.
The consortium planned to acquire ICA Construction with US$ 688.5 million (4.36 billion yuan). But in August last year, Turkish IC Ictas Insaat, the parent company of ICA Construction, asked to cancel the deal.
The consortium said the contracting parties have failed to agree on financing details. Since the consortium has not paid ICA Construction money, the suspension of the merger won’t affect the daily operation or financial status of the companies.
