Fincantieri Completes Acquisition of Leonardo's Underwater UAS Business

(To Fincantieri)
14/01/25

Fincantieri announces that, today, the closing of the acquisition of the “Underwater Armaments & Systems” (“UAS”) business line of Leonardo SpA through the purchase of the entire share capital of the newly established company WASS Submarine Systems Srl (“WASS”), to which the UAS business line was previously transferred.

The operation represents a fundamental step in the Fincantieri Group's strategy, focused on further growth in the naval defense business and the development of the underwater domain, strengthening its position as a reference technological integrator in the dual field.

Pursuant to the preliminary agreement signed with Leonardo on May 9, 2024 and in line with the terms communicated on the same date, the acquisition provides for the payment today of Euro 287 million equal to the fixed component of the acquisition price. The variable component connected to the growth objectives of the UAS business line in 2024, for a Total Enterprise Value total amounting to a maximum of Euro 415 million, subject to the usual price adjustment mechanisms, will be determined following the approval of the UAS financial results relating to the 2024 financial year.

With this acquisition, Fincantieri integrates unique skills in the field of underwater acoustic technologies and advanced weapon systems, consolidating its leadership in the underwater sector. These innovative capabilities open new growth prospects in the military and civil sectors, with particular attention to the security of critical infrastructures and the adoption of cutting-edge industrial applications and solutions.

Pierroberto Folgiero, CEO and General Manager of Fincantieri, commented: “The acquisition of WASS Submarine Systems represents a decisive step for Fincantieri in strengthening its technological leadership in the underwater domain, a crucial sector for the future of maritime security and technology. By integrating advanced skills in underwater acoustic and weapon systems, we expand our ability to develop innovative solutions for naval defense, while ensuring the protection of critical underwater infrastructures, such as submarine cables and offshore energy plants. We therefore confirm our ambition to lead the evolution of advanced naval technologies, responding to global challenges with entrepreneurship and strategic vision”.