Leonardo Nears Sale of Submarine Unit WASS to Fincantieri in Italy
Leonardo, the Italian defense group, is nearing the finalization of a deal to sell its submarine unit, Whitehead Alenia Sistemi Subacquei (WASS), to shipbuilder Fincantieri, according to Leonardo’s chief executive, Roberto Cingolani. Cingolani stated that the deal is expected to be completed in a matter of days, not months, indicating imminent progress in negotiations.
The sale of WASS to Fincantieri is anticipated to be valued between 200 million and 300 million euros, aligning with Fincantieri’s strategic objective to expand through acquisitions and prioritize growth in the defense sector, particularly in the rapidly developing underwater business segment.
Although negotiations faced temporary delays due to internal managerial hurdles, Cingolani expressed direct involvement in discussions and ongoing communication with Pierroberto Folgiero, his counterpart at Fincantieri, to resolve any remaining issues.
Leonardo and Fincantieri are government-controlled entities, and the potential deal signifies a significant move within Italy’s defense and shipbuilding sectors.
Reports indicate that disagreements over the valuation of WASS and the specifics regarding assets and employees covered by the deal have contributed to the negotiation slowdown. The parties remain committed to reaching a mutually beneficial agreement despite these challenges.
The progress in these negotiations underscores the ongoing consolidation and strategic realignment within Italy’s defense and maritime industries, driven by the pursuit of operational synergies and market competitiveness.
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