Fincantieri has completed the acquisition of the Underwater Armaments & Systems (UAS) business line of Leonardo by purchasing the full share capital of the newly formed entity, WASS Submarine Systems (WASS), which had previously absorbed the UAS division.
This move is expected to strengthen the Italian shipbuilding company’s focus on naval defence and underwater domain development.
Under the agreement signed on 9 May 2024, Leonardo received an initial payment of €287m ($295m) at closing, based on a fixed enterprise value of €300m.
A variable component of up to €115m, along with standard price adjustments, is planned to be finalised after the 2024 financial results of the UAS business are approved.
The maximum enterprise value of the transaction is €415m.
The UAS unit, formerly known as Whitehead Alenia Sistemi Subacquei, is a 100%-owned subsidiary of Leonardo. It specialises in submarine defense systems, including torpedoes, countermeasures, and sonars.
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The UAS business line includes a 50% stake in GEIE EuroTorp, a joint venture with Naval Group and Thales, focused on designing and producing the MU90 light torpedo.
The division operates from Livorno and Pozzuoli in Italy. In 2023, the firm reported revenues of €160m and an EBITDA of €34m.
Fincantieri CEO and managing director Pierroberto Folgiero said: “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.”
The acquisition provides Fincantieri expertise in underwater acoustic technologies and weapon systems.
These advanced capabilities present new opportunities for expansion in both military and civilian markets, particularly in the areas of critical infrastructure security and the implementation of industrial applications and solutions.
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