Thursday 23 January, 2025

Fincantieri completes acquisition of Leonardo’s underwater armaments business

Fincantieri has officially completed the acquisition of the Underwater Armaments & Systems (UAS) business line from Leonardo S.p.A. This was achieved through the purchase of the entire share capital of WASS Submarine Systems S.r.l. (WASS), a newly established company that previously incorporated the UAS business line.

The transaction bolsters Fincantieri Group’s strategy aimed at expanding its naval defence operations and enhancing its capabilities in the underwater domain, thereby solidifying its role as a prominent technology integrator within the dual-use sector. In accordance with the preliminary agreement established with Leonardo on 9 May 2024, and consistent with the terms outlined at that time, Fincantieri has disbursed 287 million euros, which constitutes the fixed portion of the acquisition price.

The variable portion, contingent upon the growth objectives of the UAS business line for 2024, will be assessed following the ratification of UAS’s final results for the 2024 fiscal year, culminating in a total Enterprise Value for UAS, inclusive of the fixed amount paid today, of up to 415 million euros, subject to standard price adjustment protocols.

Through this acquisition, Fincantieri incorporates exceptional expertise in underwater acoustic technologies and advanced weapon systems, thereby reinforcing its leadership in the underwater sector. These innovative capabilities present new avenues for growth in both military and civilian domains, emphasizing the importance of critical infrastructure security and the implementation of state-of-the-art industrial applications and solutions.

Pierroberto Folgiero, Chief Executive Officer and Managing Director 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 expertise in acoustic and underwater weaponry systems, we have expanded our ability to develop innovative solutions for naval defence while ensuring the protection of critical underwater infrastructure, such as submarine cables and offshore energy facilities. This confirms our goal to lead the evolution of advanced ship technologies, responding to global challenges with entrepreneurship and strategic vision.”

News Desk
News Desk
Defence Today covers global defence and security news. Send press releases to: press@defencetoday.com

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