Fincantieri Completes Purchase Of Leonardo Underwater Arms Business

Italian shipbuilding firm Fincantieri has acquired Leonardo’s Underwater Armaments & Systems (UAS) business as it seeks to strengthen its position in naval defence and the underwater domain.

As per a Leonardo press statement, UAS was formed when Leonardo subsidiary Whitehead Alenia Sistemi Subacquei (WASS) was merged into the main company.

It said in 2023 UAS revenues were circa €160 million; it holds a 50% stake in a consortium with Naval Group and Thales which together designed and built the MU90 light torpedo. WASS has historically specialised in submarine defence systems, including torpedoes, countermeasures systems and sonars.

The initial value of the deal to acquire UAS was fixed at €287m with a second variable-sum payment dependent on UAS's final 2024 financial results. The final sum paid will not exceed €415m.

According to a Fincantieri press statement,the acquisition will provide “unique expertise in underwater acoustic technologies and advanced weapons systems.”

It noted: “These innovative capabilities open new prospects for growth in the military and civilian sectors, with a focus on critical infrastructure security and the adoption of cutting-edge industrial applications and solutions.”

Pierroberto Folgiero, Chief Executive Officer and Managing Director 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 security and technology.

“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.

“This confirms our goal to lead the evolution of advanced ship technologies, responding to global challenges with entrepreneurship and strategic vision.”

• You can read more details about the deal on the Leonardo website and the Fincantieri website