Fincantieri to buy underwater technology companies in €600 million deal

By Mirko Miorelli and Claudia Cristoferi

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.

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.

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.

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.

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.​

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)