Italian Itinera SPA, a contracting firm subsidiary of Gavio Group, purchased 49 percent of Federici Sterling, a subsidiary of Batco Group in the Oman Sultanate.
The value of the deal is $50 million, according to Batco Chairman Antoine Azour. "There will be some changes in management as we will receive a new Chief Financial Officer, as well as some new technical management positions," he said. Around 1,300 employees work in Federici Sterling and will not be affected by the changes.
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