Fincantieri, on June 24th the capital increase of 400 million euros for the acquisition of Wass underwater torpedoes (Leonardo)
Green light from Consob. The capital increase of 400 million euros, plus another 100 million warrants, of Fincantieri can finally leave. In the next few days, the Italian shipbuilding giant will bring together an extraordinary board of directors to launch the terms and conditions of the operation aimed at the acquisition of the sonars and underwater torpedoes of the former Wasstoday of Leonardo.
The capital increase will start on June 24th in order to allow the group to close the operation by the end of July, i.e. before the summer break, a less favorable moment for the markets. The calendar foresees that – we read in a note from Fincantieri – the option rights for the subscription of the new shares are exercisable from 24 June to 11 July; and that option rights not exercised by the end of the option period (24 June – 5 July) are offered within the month following the end of the option period, for at least two open market days.
As the shipbuilding group itself, the controlling shareholder, recalled Cdp Equity, owner of 71.3% of the shares, will do its part with 287 million euros. Furthermore, given that the float is mostly in the hands of retail, a guarantee consortium has been set up composed of Bnp, Intesa Sanpaolo, Jefferies, JP Morgan And Mediobanca to ensure the success of the collection.
Leonardo And Fincantieri have set a consideration for the acquisition of the division (to be completed by the end of the first quarter of 2025 after the establishment of a newco that will contain the Wass business unit) at 300 million euros as enterprise value, an amount subject to price adjustment between now and the end of the year for a maximum of 115 million. Wass it will bring Fincantieri 160 million in revenues, an ebitda margin of 34 million and orders for 456 million.
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