Fincantieri to buy underwater technology companies in €600 million deal
Fincantieri Expands with Major Subsea Technology Acquisitions
By Mirko Miorelli and Claudia Cristoferi
Overview of the Acquisition Deal
MILAN, July 6 (Reuters) - Italian shipbuilder Fincantieri has agreed to buy four Italian subsea technology companies for an initial investment of about €600 million ($685.1 million).
Fincantieri shares rose as much as 14% on the news that it will buy majority stakes in Next Geosolutions, WSense, Graal Tech and Defcomm.
Strategic Expansion in Underwater Technology
The acquisitions expand Fincantieri's presence in marine survey and geoscience services, marine construction support, unmanned underwater and surface drone technologies, and wireless communication systems for the so-called Internet of Underwater Things, which connects smart equipment wirelessly underwater.
Growth Opportunities and Market Focus
CEO Pierroberto Folgiero said the fastest-growing opportunities in the sector were in defence, dual-use applications serving both military and civilian customers, and commercial activities including surveys, construction support and deep-sea mining.
Financial Impact and Projections
On a pro-forma basis, Fincantieri's underwater technology operations are expected to generate €1.1 billion in revenue and €220 million of core profit this year, achieving its 2030 targets for the underwater businesses ahead of schedule.
The acquisitions are expected to contribute more than €60 million to group net profit this year and about €130 million by 2030, with earnings per share projected to rise about 30% by 2028 and 20% by 2030.
At group level, the acquisitions will drive a 13% increase in 2026 pro-forma core profit and a 40% rise in pro-forma net profit.
Deal Financing and Share Acquisition Details
The deals are being financed through the proceeds of a €500 million capital increase completed in February and other resources, with no impact on guidance for 2026 net debt and core earnings.
The deal for Milan-listed NextGeo will give Fincantieri about 57% of the company, paving the way for a mandatory offer for the remaining shares.
Future Outlook and Additional Considerations
The maximum consideration for the four acquisitions could rise to "a little above" €1 billion including NextGeo's offer, CFO Giuseppe Dado told analysts, adding that the deals would not affect the group's deleveraging, which is to accelerate once they are consolidated.
($1 = 0.8757 euros)
(Reporting by Claudia Cristoferi and Mirko Miorelli; Editing by Joe Bavier, David Goodman and Jan Harvey)