Italian shipbuilding company Fincantieri announced yesterday (May 9, 2024) that it has signed an agreement to acquire Leonardo SpA’s “underwater weapons systems” business.
The Italian shipbuilder explained in a press release that the acquisition accelerates and strengthens the Group’s position as a leader in the underwater and naval defense sector, in line with its strategy.
As a result of the acquisition, Fincantieri will also gain control of the Italian underwater acoustics technology, becoming a fundamental element of its growth strategy in the underwater sector, focusing on new applications in the military sector and innovative solutions for the security of critical infrastructure. You will have to guess. , and new products in the private sector.
The acquisition price corresponds to a constant enterprise value of EUR 300 million, subject to the usual price adjustment mechanism. In addition to this, there will be up to €115 million in variables based on certain growth assumptions related to the performance of the UAS business area. In 2024, the total maximum enterprise value he will reach 415 million euros.
The “Underwater Weapons Systems” business line was originally established as Whitehead Alenia Sistemi Subacquei SpA, a historic 100% subsidiary of Leonardo.was established as
The company specializes in building submarine defense systems, particularly torpedoes, countermeasures, and sonar. In early 2016, the company merged with Leonardo SpA into a business unit and was renamed “Underwater Armaments & Systems” (“UAS”). This line of business also includes a 50% participation in GEIE EuroTorp (founded with Naval Group and Thales); MU90 light torpedo, in two locations: Livorno and Pozzuoli. In 2023, the UAS business unit generated revenues of approximately 160 million euros.
The acquisition is expected to be completed in early 2025.
