(Alliance News) - Leonardo Spa on Thursday disclosed that it has signed a binding agreement to sell the Underwater Armaments & Systems business line to Fincantieri Spa for an amount based on an Enterprise Value consisting of a fixed component of EUR300 million and a variable component of a maximum of EUR115 million upon the occurrence of certain performance targets for the year 2024, for a total Enterprise Value of a maximum of EUR415 million.

The transaction is expected to close in early 2025 and is subject to typical approvals for this type of transaction.

"The sale of Underwater Armaments & Systems is part of Leonardo's business portfolio rationalization plan. The initiative gives further impetus to the collaboration between Leonardo and Fincantieri as part of a more effective defense and global competitiveness," commented Roberto Cingolani, Leonardo's CEO and managing director.

On Thursday, Leonardo closed in the green by 0.2 percent at EUR22.10 per share, while Fincantieri ended in the red by 7.6 percent at EUR0.62 per share.

By Claudia Cavaliere, Alliance News reporter

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