Fincantieri takes control of Leonardo’s underwater armaments business

Leonardo has sold its underwater armaments and systems (UAS) business to Fincantieri. Following the signing of a preliminary agreement in May 2024, the companies completed the transfer on 14 January 2025 for €287 million (US$295 million).

The initial valuation of the deal was 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 the UAS business line’s final 2024 financial results. That could push the total maximum enterprise value up as high as €415 million.

Part of the underwater holding includes a 50% participation in GEIE EuroTorp (established with Naval Group and Thales), dedicated to the design and construction of the MU90 light torpedo.

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The MU90 is a fire-and-forget torpedo, launchable from any platform, of which more than 1,000 have been manufactured and sold to date to 13 navies around the world, mostly belonging to NATO member states. It was designed to counter conventional or nuclear-powered submarines.

Fincantieri CEO Pierroberto Folgiero explained the reason for the company’s interest in Leonardo’s underwater business: “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,” he added. 

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