The 97% stake in CPG was sold in a call to bids as part of the ongoing receivership of builder Primorje.

The deadline for offers expired today, with Kolektor Koling beating the competition by offering 15% more than the starting price of EUR 16.4m, Delo said.

At least seven companies had conducted due diligence in CPG, but Austria's Strabag was the only other company confirming for Delo it had bid for the stake.

The merger of Kolektor Koling and CPG will create the biggest construction company with combined turnover in excess of EUR 150m last year.

Delo says CPG has continued to operate successfully despite the collapse of its previous owner, Primorje, in 2012. It has a contract to maintain motorways in the western Primorsko region and has made inroads in building construction of late.