Ashurst is advising Astaldi S.p.A. on the sale of 36.7 per cent stake in M5, the operator of Milan's metro line 5, to Ferrovie dello Stato, the Italian state-controlled railway company. Astaldi will retain a 2 per cent stake.

The Ashurst team was led by Milan-based partner Franco Vigliano, assisted by senior associate Annamaria Pinzuti, counsel Elena Giuffre and Fabio Balza (tax), together with associates Federica Periale, Andrea Semmola, Pamela Infantino and Edoardo Bononi.

M5 is the most recent and advanced, fully automated metro line in Italy. The sale of Astaldi's shareholding follows a careful process of selection of bids received, and is part of the important programme of disposal of assets by the major Italian construction company.

Commenting, Franco Vigliano said:

"We are proud to assist Astaldi in this exercise, which is a milestone in the secondary market for infrastructure in Italy."