Fincantieri Completes Acquisition of Leonardo’s Underwater Armaments & Systems Business
Fincantieri, a global leader in shipbuilding, has recently finalized the acquisition of Leonardo S.p.A.’s Underwater Armaments & Systems business line. This acquisition was made through the purchase of the entire share capital of the newly established company WASS Submarine Systems.
The strategic move is in line with Fincantieri Group’s growth strategy in the naval defence sector and its commitment to the development of the underwater domain. By integrating the unique expertise of WASS Submarine Systems in underwater acoustic technologies and advanced weapons systems, Fincantieri is poised to explore new opportunities for growth in both military and civilian markets, with a particular focus on enhancing critical infrastructure security.
Under the terms of the agreement signed with Leonardo, Fincantieri paid 287 million euros ($296 million) as the fixed component of the acquisition price. The variable component, contingent on the growth targets of the UAS business line in 2024, will be determined based on the final results for the fiscal year. The total value of the acquisition could reach up to 415 million euros ($428 million).
Pierroberto Folgiero, CEO and Managing Director of Fincantieri, expressed his enthusiasm about the acquisition, stating, “The acquisition of WASS Submarine Systems marks a significant milestone for Fincantieri in solidifying its technological leadership in the underwater domain. This sector is pivotal for the future of maritime security and technology. By leveraging advanced expertise in acoustic and underwater weaponry systems, we are enhancing our capabilities to develop innovative solutions for naval defence and safeguard critical underwater infrastructure, such as submarine cables and offshore energy facilities. This acquisition underscores our commitment to driving the advancement of advanced ship technologies and addressing global challenges with strategic vision.”
Overall, the acquisition of Leonardo’s Underwater Armaments & Systems business by Fincantieri represents a strategic move that positions the company as a key player in the underwater domain, with enhanced capabilities to deliver cutting-edge solutions for maritime security and defense.