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.
Sources close to the deal estimate the acquisition at $50 million. "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.
"Our goal...
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