Leonardo sells satcom unit

Leonardo announced its US subsidiary Leonardo DRS has signed a definitive agreement to sell its Global Enterprise Solutions business (GES) to SES for $450 million, gross of taxes, subject to customary working capital adjustments. Closing of the deal is targeted for the second half of 2022 and is subject to customary regulatory approvals, including Hart Scott Rodino and CFIUS in the US. Leonardo confirms its FY2022 Group Net Debt Guidance of ca. €3.1 billion.  Alessandro Profumo, Leonardo CEO, stated “The disposal of the GES business is another step forward in the execution of our Industrial Plan: we are optimising our portfolio and continuing to focus on our core business. The transaction announced today is also confirming our commitment to deliver on our targets, in line with our 2022 Guidance. I’m also sure SES is the best industrial partner to ensure a successful long term future for GES and all our stakeholders.”  The GES business is the largest provider of commercial satellite communications to the U.S. government, and delivers world-class, mission-critical satellite communications and security solutions to customers anywhere in the world. For the transaction, Leonardo and Leonardo DRS were assisted by Morgan Stanley & Co. LLC as financial advisor and by Curtis, Mallet-Prevost, Colt & Mosle as legal advisor. For Editorial Inquiries Contact: Editor Kym Bergmann at [email protected] For Advertising Inquiries Contact: Director of Sales Graham Joss at [email protected]