(Alliance News) - Fincantieri Spa announced Tuesday that it has completed the acquisition of Leonardo Spa's Underwater Armament Systems business through the purchase of the entire share capital of the newco WASS Submarine Systems Srl.

The total value of the transaction, announced May 9, is EUR 287 million, with a possible maximum adjustment of EUR 415 million, depending on future results.

Pierroberto Folgiero, Chief Executive Officer and General Manager 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 safety and technology. By integrating advanced expertise in acoustic and underwater weapons systems, we expand our ability to develop innovative naval defense solutions while ensuring the protection of critical underwater infrastructure, such as submarine cables and offshore power plants."

"We therefore confirm our ambition to lead the evolution of advanced naval technologies, responding to global challenges with entrepreneurship and strategic vision."

Fincantieri's stock is in the green by 0.2 percent to EUR7.45 per share, while Leonardo is up 1.7 percent to EUR27.87 per share.

By Antonio Di Giorgio, Alliance News reporter

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