(Finance) – LeonardoItalian defense big, has signed a binding agreement for sale from the business line Underwater Armaments & Systems (UAS) to Fincantieri for an amount based on an Enterprise Value composed of a fixed component of 300 million euros, subject to usual adjustment mechanisms, and a variable component for a maximum of 115 million euros upon the occurrence of certain performance objectives for the year 2024, for a total Enterprise Value equal to maximum 415 million euros.
The closing of the operation is scheduled for early 2025 and is subject to typical authorizations for this type of operation.
“The sale of Underwater Armaments & Systems is part of the portfolio rationalization plan of Leonardo’s business. The initiative gives further impetus to the collaboration between Leonardo and Fincantieri, within the framework of more effective defense and global competitiveness”; he declared Roberto CingolaniCEO and GM of Leonardo.
Whitehead Alenia Sistemi Subacquei, a historic 100% owned subsidiary of Leonardo, was born as a company specialized in the construction of submarine defense systems and in particular torpedoes, countermeasures and sonar. In early 2016, the company merged into Leonardo, becoming a business line, and was renamed “Underwater Armaments & Systems” (UAS).
The business line also includes 50% participation in the EuroTorp EEIG (established with Naval Group e Thales), dedicated to the design and construction of the MU90 light torpedo, and is located in two locations, Livorno and Pozzuoli.
In 2023, the UAS business line has spawned revenues for approximately 160 million euros and a EBITDA of 34 million euros.