Fincantieri announced the closing of the acquisition of Leonardo S.p.A.’s Underwater Armaments & Systems (UAS) business line through the purchase of the entire share capital of the newly established company WASS Submarine Systems S.r.l. (WASS), into which the UAS business line had been previously contributed.

The transaction reinforces Fincantieri Group’s strategy focused on growth in the naval defence business and the development of the underwater domain, strengthening its position as a leading technology integrator in the dual-use sector.

As foreseen by the preliminary agreement signed with Leonardo on May 9, 2024, and in line with the terms disclosed on that date, Fincantieri has paid today 287 million euros, representing the fixed component of the acquisition price. The variable component, linked to the growth targets of the UAS business line in 2024, will be determined following the approval of UAS’s final results for the 2024 fiscal year, for a total Enterprise Value of UAS, including the fixed component paid today, of up to 415 million euros, subject to standard price adjustment mechanisms.

With this acquisition Fincantieri integrates unique expertise in underwater acoustic technologies and advanced weapons systems, consolidating its leadership in the underwater domain. These innovative capabilities open new prospects for growth in the military and civilian sectors, with a focus on critical infrastructure security and the adoption of cutting-edge industrial applications and solutions.

Pierroberto Folgiero, Chief Executive Officer and Managing Director of Fincantieri, commented: “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. This confirms our goal to lead the evolution of advanced ship technologies, responding to global challenges with entrepreneurship and strategic vision,” he added.

Fincantieri is one of the world’s largest shipbuilding groups, the only one active in all high-tech marine industry sectors. It is leader in the construction and transformation of cruise, naval and oil & gas and wind offshore vessels, as well as in the production of systems and component equipment, after-sales services and marine interiors solutions. Thanks to the expertise developed in the management of complex projects, the Group boasts first-class references in infrastructures and is a reference player in digital technologies and cybersecurity, electronics and advanced systems.

With over 230 years of history and more than 7,000 ships built, Fincantieri maintains its know-how, expertise and management centres in Italy, here employing 11,000 workers and creating around 90,000 jobs, which double worldwide thanks to a production network of 18 shipyards operating worldwide and with over 22,000 employees.

Leonardo is an international industrial group, among the main global companies in Aerospace, Defence, and Security (AD&S). With 53,000 employees worldwide, the company approaches global security through the Helicopters, Electronics, Aircraft, Cyber & Security and Space sectors, and is a partner on the most important international programmes, within these sectors, such as Eurofighter, NH-90, FREMM, GCAP, and Eurodrone.

Leonardo has significant production capabilities in Italy, the UK, Poland, and the USA. Leonardo utilises its subsidiaries, joint ventures, and shareholdings, which include Leonardo DRS (72.3%), MBDA (25%), ATR (50% ), Hensoldt (22.8%), Telespazio (67%), Thales Alenia Space (33%), and Avio (29.6%).

Listed on the Milan Stock Exchange (LDO), in 2023 Leonardo recorded new orders for €17.9 billion, with an order book of €39.5 billion and consolidated revenues of €15.3 billion. ncluded in the MIB ESG index, the company has also been part of the Dow Jones Sustainability Indices (DJSI) since 2010.