Fincantieri has closed the acquisition of Leonardo's underwater armaments and systems (UAS) business line through the purchase of the entire share capital of the newly established company WASS Submarine Systems, into which the UAS business line had been previously contributed.
As indicated by the preliminary agreement signed with Leonardo on May 9, 2024, and in line with the terms disclosed on that date, Fincantieri paid 287 million euros, representing the fixed component of the acquisition price.
The variable component, linked to the growth targets of the UAS business line in 2024, will be determined following the approval of UAS’s final results for the 2024 fiscal year, for a total enterprise value of UAS, including the fixed component paid today, of up to 415 million euros, subject to standard price adjustment mechanisms.
"With this acquisition Fincantieri integrates unique expertise in underwater acoustic technologies and advanced weapons systems, consolidating its leadership in the underwater domain," the company said in a statement.
"These innovative capabilities open new prospects for growth in the military and civilian sectors, with a focus on critical infrastructure security and the adoption of cutting-edge industrial applications and solutions."
"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," added Pierroberto Folgiero, Chief Executive Officer and Managing Director of Fincantieri.