Leonardo, the Italian public company operating in the following sectors: aerospace, defence and security, has signed an agreement binding for the sale of the Underwater business line Armaments & Systems (UAS) to Fincantieri shipbuilding group for an amount based on an enterprise value consisting of a fixed component of €300 million, subject to the usual adjustment mechanisms, and a variable component for maximum EUR 115 million if certain performance for the year 2024, for a total enterprise value of a maximum of 415 million. The closing of the transaction is scheduled for early 2025 and is subject to the Typical permissions for this type of operation.

Underwater Armaments & Systems is the new name assumed in 2016 by Whitehead Alenia Sistemi Subacquei S.p.A., a historic 100% owned subsidiary of Leonardo and specialized in the construction of submarine defense systems and torpedoes, countermeasures and sonar, when it is merged into Leonardo, becoming a business line that includes 50% stake in the EuroTorp EEIG (set up with the Naval Group and Thales), dedicated to the design and construction of the light torpedo MU90, and is located in two locations, Livorno and Pozzuoli. In 2023, the UAS business line generated revenue for approximately €160 million and EBITDA of €34 million.

"The sale of Underwater Armaments & Systems - commented the Chief Executive Officer and General Manager of Leonardo, Roberto Cingolani - part of the rationalisation plan of Leonardo's business portfolio. The initiative gives further impetus to the collaboration between Leonardo and Fincantieri, in the context of more effective defence and competitiveness global'.