Italian shipbuilder Fincantieri made a significant announcement yesterday, revealing that they have signed an agreement to acquire Leonardo S.p.A’s “Underwater Armaments Systems” business. This strategic move is set to solidify Fincantieri’s position as a leader in the underwater and naval defense sector.
According to a press release, the acquisition will not only accelerate Fincantieri’s growth but also provide them with control over Italy’s underwater acoustic technologies. This acquisition is a crucial element in Fincantieri’s expansion strategy in the underwater sector, with a focus on developing new applications in the military field, innovative security solutions for critical infrastructure, and new products for civilian use.
The value of the acquisition is set at €300 million as a fixed Enterprise Value, with an additional €115 million as a variable component based on certain growth assumptions linked to the performance of the UAS business line in 2024. This brings the total maximum Enterprise Value to €415 million.
The “Underwater Armaments Systems” business line, originally established as Whitehead Alenia Sistemi Subacquei S.p.A., specializes in submarine defense systems such as torpedoes, countermeasures, and sonars. The business line also includes a 50% participation in GEIE EuroTorp, dedicated to the design and construction of the MU90 light torpedo.
The acquisition is expected to be finalized at the beginning of 2025, marking a significant milestone for Fincantieri as they continue to expand their presence in the underwater and naval defense sector.