Fincantieri received the green light from Consob for the 'capital increase worth 400 million euros, plus 100 million in warrants. Starting from the 24 June, the shipbuilding giant led by Pierroberto Folgiero will turn to shareholders and the market to raise the funds intended for the purchase of Leonardo's former Wass underwater sonars and torpedoes.
Following the passing of president Claudio Graziano, the board of directors of the Fincantieri group has distributed the delegations held by the general to CEO Folgiero. Today, the Board of Directors will meet to define the details of the capital increase, including the price of the new shares and warrants, for a total of 100 million euros. The objective is to close the operation by the end of July, before the summer break, to make the most of the favorable market conditions.
The capital increase
In a note released on Wednesday evening, Fincantieri clarified that the capital increase it will not be hyperdilutive. The funds raised will be used to finance the purchase of the former Wass from Leonardo, a Livorno company specialized in the production of torpedoes and sonars. The capital increase will begin on June 24th and end on July 11th. THE option rights they will be tradable on Euronext Milan until 5 July 2024 and the unexercised rights will be offered on the market within the month following the closing of the operation, for at least two open market days.
Cdp Equity, Fincantieri's main shareholder, has undertaken to subscribe pro quota of 287 million of the capital increase. Furthermore, a banking consortium composed of BNP Paribas, Intesa Sanpaolo, Jefferies, JP Morgan and Mediobanca has signed a pre-guarantee contract with Fincantieri, which will cover any unopted, provided that certain conditions are respected.
Strategic acquisition and new opportunities
The acquisition of the Wass division from Leonardo, valued at 300 million euros, will bring Fincantieri 160 million in revenues, an ebitda margin of 34 million and orders for 456 million.
This operation adds to Fincantieri's strategic alliances with Leonardo, Cabi Cattaneo, Saipem, WSense and the acquisition of Remazel, strengthening its position in the development of underwater technologies alongside Vard's cruise, naval and special vessels. The control of underwater technologies it is crucial, as many strategic infrastructures are located on the seabed.
