A group of Chinese toll-road operators will form a joint venture to participate in a Turkish expressway project.

The Chinese highway company Anhui Expressway, China Merchants Expressway Network & Technology (CMET), CMU, Zheijang Expressway, Jiangsu Expressway and Sichuan Expressway are planning to establish a new consortium to acquire stakes in Istanbul Bosporus' third bridge Yavuz Sultan Selim, Northern Marmara Highway and Avrasya Otoyol Yatırım ve İşletmesi, according to a statement by Anhui released Monday.

The consortium of six companies to be established in Hong Kong will buy a 51% stake in Turkey's ICA Construction for $688.5 million, according to the Chinese media.

CMET will be the largest shareholder in the new entity with a 31% stake, contributing $213.4 million of investment.

China Merchants Union (BVI) Ltd., an investment company under China Merchants Group, has a 20% share in the joint venture. Zhejiang Expressway and Jiangsu Expressway will each hold 17.5%, while Sichuan Expressway and Anhui Expressway will hold 7% respectively.

The statement emphasized that the chairmen of Jiangsu Express, Sichuan Express and Anhui Express see the deal as an important business opportunity, enabling participants to optimize their allocation of resources.

Italian contractor Astaldi applied on Monday to Turkey's Competition Authority for the transfer of its shares in the Yavuz Sultan Selim Bridge to IC İçtaş Construction.

IC İçtaş-Astaldi Consortium (ICA) designed and built the Yavuz Sultan Selim Bridge and the Northern Marmara Highway Project as a private developer. While IC İçtaş Construction holds a 64% stake in the ICA, the Italian partner Astaldi has a 36% share in the joint venture.