(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 deal, which began with a binding agreement on May 9, saw Leonardo receive an initial payment of EUR287.0 million, based on a fixed enterprise value of EUR300.0 million, the company explained in a note.

The total value could reach EUR415.0 million, including a variable component of up to EUR115.0 million, which will be determined based on 2024 results.

The UAS business, formerly known as Whitehead Alenia Sistemi Subacquei Spa, specializes in the design and production of advanced underwater defense systems, including lightweight torpedoes, countermeasures and sonar. Since 2016, this division has been integrated into Leonardo as a business line. UAS also includes a 50 percent stake in the EuroTorp joint venture, focused on the MU90 light torpedo, with production sites in Livorno and Pozzuoli.

In 2023, UAS generated revenues of EUR160.0 million and Ebitda of EUR34.0 million, highlighting the strategic value of the transaction for both companies.

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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