Fincantieri today announced the completion of the acquisition of Leonardo’s “Underwater Weapons & Systems” (“UAS”) business unit through the acquisition of all shares in a new UAS-backed company, WASS Submarine Systems Srl (“WASS”) . The business unit was previously transferred.
Fincantieri press release
The transaction represents a fundamental element of Fincantieri Group’s strategy, focusing on further growth of its naval defense business and development of the underwater domain, strengthening its position as a reference technology integrator in the dual-use sector. It is.
Based on a preliminary agreement signed with Leonardo on May 9, 2024, and in line with the terms communicated on the same day, the acquisition is subject to a payment of 287 million euros today, equal to a fixed portion of the purchase price. . Variables related to the growth targets of the UAS business area for 2024 will be subject to the usual price adjustment mechanism, with an overall total enterprise value of up to EUR 415 million, to be determined after approval of the final UAS results. Fiscal year 2024.
Thanks to this acquisition, Fincantieri consolidates its unique skills in the fields of underwater acoustics technology and advanced weapon systems, strengthening its leadership in the underwater field.
These innovative capabilities open up new growth possibilities in military and civilian sectors, with special attention to critical infrastructure security and the introduction 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 to strengthen its technological leadership in the underwater domain, an important area for the future of maritime security and technology.” By integrating advanced skills, we are expanding our ability to develop innovative solutions for naval defense while ensuring the protection of critical underwater infrastructure such as submarine cables and offshore energy facilities. We therefore affirm our ambition to lead the evolution of advanced naval technology and respond to global challenges with entrepreneurial spirit and strategic vision. ”
For more information on UAS’ business, transaction rationale and key terms and conditions, please refer to the article published in May 2024.
