Rina is funding the acquisition through an equity capital injection from its financial shareholders VEI Capital and NB Renaissance Partners together with a new financing facility provided by three banks. "This has given us the equity to make acquisitions," Mr Ugo Salerno, chairman and CEO of Rina, told IRJ.

Rina had an estimated turnover of €375m in 2015 and employs more than 3000 people directly plus another 1500 consulting associates compared with Edif Group which had a £77.8m turnover in 2015 and employs 650 people with more than 2500 associates. Rina's D'Appolonia consultancy subsidiary is heavily involved in the rail sector which will compliment Edif's ERA engineering consulting subsidiary.

"With this deal, Rina's turnover will reach about €500m with an Ebitda close to €65m," says Salerno. "We should be ready for an IPO in the next 30 to 36 months on either the Milan or London stock exchanges."

Salerno says Edif is a good fit for Rina as it allows Rina to enter the British rail market and add expertise to Edif. "The area which is growing fastest within Rina is rail, especially for metros," Salerno says.