Leonardo announced the finalization of an agreement to sell its Underwater Armaments Systems (UAS) division to Fincantieri on Thursday.
“The disposal of the Underwater Armaments Systems is part of the plan of rationalizing Leonardo’s business portfolio,” said Roberto Cingolani, CEO and MG of Leonardo in the company’s press release.
“The initiative gives further emphasis to the cooperation between Leonardo and Fincantieri, within the framework aimed at achieving more effective defence and global competitiveness,” he added.
The deal involves a fixed payment of €300 million, with the potential for an additional €115 million based on performance targets for 2024. The total value of the deal could reach up to €415 million.
The Italian shipyard has also been reported to increase its capital by €400 million in order to finance the transaction.
The UAS, formerly known as Whitehead Alenia Sistemi Subacquei (WASS), was a subsidiary of Leonardo which has a long history specializing in submarine defence systems, particularly torpedoes, countermeasures, and sonars.
After WASS merged with Leonardo and became UAS in early 2016, it held a 50% stake in GEIE EuroTorp, a joint venture with Naval Group and Thales, focused on the MU90 light torpedo. Operating from Livorno and Pozzuoli, its business generated approximately €160 million in revenue and €34 million in EBITDA in 2023.
Under Fincantieri, UAS will continue developing and manufacturing its underwater defence technology, further strengthening the Italian shipbuilder’s portfolio in the sector which it believes will be worth around €100 billion in the next few years.
The transaction is anticipated to close in early 2025 pending regular regulatory approvals.
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