Italian construction firm Astaldi and its Turkish partner IC Yatırım Holding A.Ş. are considering selling a stake in their joint venture that operates Istanbul's third bridge over the Bosporus, Yavuz Sultan Selim Bridge.
The companies are reported to have agreed with Morgan Stanley and Citigroup for the sellout, according to Bloomberg.
Sources with knowledge on the matter reportedly told Bloomberg that Astaldi may sell all of its shares in the venture and IC İçtaş, which owns 64 percent of the company, may sell some of its stake.
The companies are also conducting negotiations to secure a nine-year $2.3 billion loan. The new refinancing loan is said to be around $3.2 billion.