I.CO.P. Acquires Atlantic GeoConstruction: A Strategic Leap into the US Market

I.CO.P., an Italian engineering firm specializing in subsurface engineering and listed on Euronext Growth Milan, has announced the acquisition of 100% of the shares of Atlantic GeoConstruction Holdings (AGH), a US company specializing in advanced geotechnical solutions. The acquisition, valued at an enterprise value of $126 million, marks a significant step in I.CO.P.'s international expansion strategy. This move aims to bolster I.CO.P.'s position in the high-potential US market. The deal will be financed through a mix of I.CO.P.'s own resources and debt financing provided by a pool of banks, including Intesa Sanpaolo, Banco BPM, and BNL BNP Paribas, with support from SACE as guarantor and a major financial institution. Jefferies acted as the sole financial advisor, with Orrick handling legal advice, A&O Shearman managing financing legal counsel, and PwC conducting financial and tax due diligence. The completion of the acquisition is expected in April 2025, subject to customary closing conditions. AGH, recognized for its excellence in the geotechnical construction sector in the US, possesses expertise in soil improvement and deep foundation construction. The acquisition is deemed transformative, accelerating I.CO.P.'s international growth and enhancing its competitiveness in delivering sustainable engineering solutions on a global scale.