Fincantieri acquires Leonardo underwater business

Fincantieri has signed an agreement to acquire the Underwater Armament Systems business line from Leonardo.

The company said the acquisition aligned with its strategy to expand as a technology integrator in the underwater and naval defence sectors.

Under the agreement, Fincantieri will not only acquire the technologies related to torpedo production but also the control of Italy’s underwater acoustic technologies, which, the company claimed, will be fundamental in its growth strategy in the underwater sector.

The acquisition, valued at €300 million (US$323 million) was expected to be finalised at the beginning of 2025. The agreement also included a maximum of €115 million as a variable component based on certain growth assumptions linked to the performance of the business line in 2024.

The underwater domain was set to become increasingly relevant for military and security issues concerning critical subsea infrastructures such as gas pipelines, cables for telecommunications and electrical transmission, according to Fincantieri.