Leonardo announced that it has completed the sale of its Underwater Armaments & Systems (UAS) business line to Fincantieri. Under the binding agreement, at the time of closing, Leonardo received a payment of €287 million, based on the fixed Enterprise Value component of €300 million. The variable component, up to a maximum of €115 million, along with standard price adjustments, will be determined following the approval of UAS’s final 2024 financial results. The total maximum Enterprise Value is €415 million.
Underwater Armaments Systems Whitehead Alenia Sistemi Subacquei S.p.A., a historic 100% subsidiary of Leonardo, was founded as a company specialising in the construction of submarine defense 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” (“UAS”). 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 light torpedo, and is located in two locations, Livorno and Pozzuoli. In 2023, the UAS line of business generated revenues of approximately € 160 million and an EBITDA of €34 million.
Advisors For the transaction, Leonardo was assisted by Rothschild & Co as financial advisor, by Studio Cappelli RCCD as legal advisor and by PwC in the preparation of the financial documentation of the business unit. UBS supported Leonardo’s Control and Risks Committee in evaluating the transaction, providing a fairness opinion on the economic terms of the transaction.
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