Fincantieri has completed the acquisition of the Underwater Armaments & Strategies (UAS) enterprise line of Leonardo by shopping for the full share capital of the newly formed entity, WASS Submarine Strategies (WASS), which had beforehand absorbed the UAS division.
This switch is predicted to strengthen the Italian shipbuilding agency’s give consideration to naval defence and underwater space progress.
Beneath the settlement signed on 9 May 2024, Leonardo acquired an preliminary value of €287m ($295m) at closing, based mostly totally on a tough and quick enterprise price of €300m.
A variable a part of as a lot as €115m, along with commonplace price modifications, is consider to be finalised after the 2024 financial outcomes of the UAS enterprise are permitted.
The utmost enterprise price of the transaction is €415m.
The UAS unit, beforehand known as Whitehead Alenia Sistemi Subacquei, is a 100%-owned subsidiary of Leonardo. It specialises in submarine safety methods, along with torpedoes, countermeasures, and sonars.
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The UAS enterprise line contains a 50% stake in GEIE EuroTorp, a 3 means partnership with Naval Group and Thales, centered on designing and producing the MU90 mild torpedo.
The division operates from Livorno and Pozzuoli in Italy. In 2023, the company reported revenues of €160m and an EBITDA of €34m.
Fincantieri CEO and managing director Pierroberto Folgiero talked about: “The acquisition of WASS Submarine Strategies represents a decisive step for Fincantieri in strengthening its technological administration throughout the underwater space, an important sector for the way in which ahead for maritime security and experience.
“By integrating superior expertise in acoustic and underwater weaponry methods, we have got expanded {our capability} to develop revolutionary choices for naval defence whereas guaranteeing the protection of important underwater infrastructure, just like submarine cables and offshore energy companies.”
The acquisition offers Fincantieri expertise in underwater acoustic utilized sciences and weapon methods.
These superior capabilities present new options for progress in every navy and civilian markets, considerably throughout the areas of important infrastructure security and the implementation of enterprise functions and choices.
