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Fincantieri completes acquisition of Leonardo's underwater armaments business

By Tom Barton |

MU90 Impact lightweight torpedoes under construction at Leonardo's WASS, which became its Underwater Armaments and Systems (UAS), acquired by Fincantieri on 14 January 2025. (WASS)

Italian naval defence company Fincantieri expanded its portfolio of underwater acoustic and weapons technologies with the completion of its acquisition of Leonardo's Underwater Armaments and Systems (UAS) business line, the companies announced on 14 January.

The purchase was finalised through Fincantieri's 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 included.

Following an agreement with Leonardo signed on 9 May 2024, Fincantieri paid EUR287 million (USD295 million), representing the fixed portion of the acquisition price. The total enterprise value of UAS, including the fixed component already paid, could reach up to EUR415 million, subject to standard price adjustment mechanisms.

Whitehead Alenia Sistemi Subacquei S p A (different to the WASS mentioned above), an historic 100% subsidiary of Leonardo, was founded as a company specialising in the construction of submarine defence systems and in particular torpedoes, countermeasures, and sonars. In early 2016 the company merged into Leonardo S p A, becoming a business line, and was renamed ‘Underwater Armaments & Systems'. The business line also includes a 50% participation in GEIE EuroTorp (established with Naval Group and Thales), dedicated to the design and construction of the MU90 lightweight torpedo. In 2023 the UAS line of business generated revenues of approximately EUR160 million.

Pierroberto Folgiero, CEO and managing director of Fincantieri, said, “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.”

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