Fincantieri S.p.A. (BIT:FCT) agreed to acquire Underwater Armaments Systems business line from Leonardo S.p.a. (BIT:LDO) in a transaction valued at ?420 million on May 9, 2024. The value of the acquisition is equal to ?300 million as fixed Enterprise Value, subject to usual price adjustment mechanisms, in addition to a maximum of ?115 million as a variable component based on certain growth assumptions linked to the performance of the UAS business line in 2024, for a total maximum Enterprise Value of ?415 million. To finance the acquisition, the Company has proposed the power to resolve upon a capital increase, in one or more events, divisible and with payment, for a maximum amount of ?400 million.

Rothschild S.p.A., acted as a financial advisor, Studio Legale Cappelli RCCD acted as a legal advisor to Leonardo S.p.a. Deutsche Bank AG, Milan acted as a financial advisor, and Deloitte Italy S.p.A provided due diligence services to Fincantieri. UBS supported Leonardo's Control and Risks Committee in evaluating the transaction, providing a fairness opinion on the economic terms of the transaction.