Leonardo sells its share in the AAC joint venture to Thales | Photo credits: S. Scalabrini ©THALES
MILAN, April 26 (Reuters) – Italian defense group Leonardo said on Tuesday its U.S. unit DRS has agreed to sell its entire stake in joint venture Advanced Acoustic Concepts (AAC) to a subsidiary of French rival Thales .
Thales said in a separate statement that its Thales Defense & Security (TDSI) unit will acquire DRS’s equal stake, or full ownership of underwater acoustics specialist AAC, as part of the definitive agreement to be finalized in the second half of the year.
The acquisition amounts to around 50 million euros, according to two sources familiar with the matter.
Leonardo also confirmed the forecast of a net debt of around 3.1 billion euros in 2022.
The divestment follows DRS’ sale last month of its GES satellite communications business to SES for $450 million (gross of tax) as Leonardo reorganizes its portfolio of assets to focus on its business. main ones such as defense electronics and helicopters.
“This transaction is a new step in the execution of our industrial plan. We continue to focus on our core business,” said Leonardo CEO Alessandro Profumo.
He added that the deal marked a “new step in the process of refocusing DRS’ business portfolio.” (Report Federico Maccioni and Francesca Landini; French version Dina Kartit, edited by Kate Entinger)