Gavio secures $7 billion Penn Station renovation contract, outbidding Macquarie and FengateExecutive summary: Gavio’s U.S. subsidiary Astm was awarded a $7 billion contract to renovate New York’s Penn Station, beating bids from Australia’s Macquarie and U.S. firm Fengate. The deal highlights increased foreign investment in critical U.S. transportation assets and may influence future infrastructure procurement processes. Gavio (Italy), Astm (U.S. subsidiary), Macquarie (Australia), Fengate (U.S.), New York authorities Finalization of the contract, commencement of works, and possible regulatory reviews.The Italian firm’s U.S. subsidiary Astm won a public tender to refurbish Manhattan’s iconic Penn Station. The award reflects growing foreign interest in U.S. transport infrastructure and underscores the scale of the project. The contract surpasses previous bids and signals potential for further public‑private partnerships.Connected developmentsCSN greenlights extension of Almaraz nuclear plantOpen the full case file on Beyond →
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