Italian construction company Astaldi has announced that it shelved plans to sell its 33 percent stake in Istanbul's Yavuz Sultan Selim Bridge, due to geopolitical reasons.

The third bridge was constructed in a build-operate-transfer (BOT) model and will be operated by the private sector until 2026.

In a statement about three months ago, Astaldi Chairman Paolo Astaldi revealed that talks for the sale of their entire stake in the Istanbul bridge were at an advanced stage.

The $3-billion bridge was opened in August 2016. It is a critical part of the Northern Marmara Highway project.

The bridge is 2,164 meters long and stretches 1,408 meters over the Bosporus. It has eight highway lanes and two railway lanes.