Fincantieri surges as it secures four M&A deals in the diving sector. It is set to launch a takeover bid for NextGeo
Four acquisitions have been announced for an underwater technology division with revenue of 1.1 billion by 2026. Initial investment of 600 million
The stock market has responded with a double-digit rise to Fincantieri’s four acquisitions in the underwater sector, reviving a share price that, just a few days ago, had fallen back to its lowest level in over a year amid fears of a stalemate in certain military programmes. The share price has now risen well above 12 euros.
NextGeo valued at 780 million
The shipbuilding group has announced four moves that will shape its underwater division, which will now comprise eight companies with pro forma 2026 revenues of 1.1 billion and EBITDA of 200 million: Fincantieri will acquire a majority stake in NextGeosolutions (a company listed on Euronext Growth Milan), Wsense, Graal Tech and Defcomm. The initial financial commitment will be €600 million and will be funded primarily through the proceeds of the €500 million capital increase carried out in February. The main transaction concerns NextGeo: Fincantieri will acquire a 52.60 per cent stake from the controlling shareholder, Marnavi SpA, and is in negotiations with the management to purchase further shares; it will then launch a takeover bid to delist the shares from the Milan Stock Exchange. On the stock market, NextGeo’s share price has slipped below €16, which is below the price per share (€16.25) agreed with Marnavi for the purchase of its stake. NextGeo’s share price had jumped to €16.45 on Friday following rumours of Fincantieri’s interest reported by the *Corriere della Sera*. The company’s total valuation stands at €780 million.
Positive impact on the group’s profits for Intermonte
According to Intermonte analysts, the transactions should be viewed positively as they are consistent with what was announced at the time of the capital increase and are aimed at strengthening the group’s position in a business with higher margins and greater growth potential than the group’s other divisions. The deal, as announced by the company, is expected to have a significant positive impact on earnings, as it is forecast to increase the group’s pro forma profit for 2026 by 60 million and that for 2030 by 130 million. It will also be neutral in terms of financial leverage, given the use of the proceeds from the capital increase. Due to these factors, Intermonte expects a revision of the consensus forecasts by investment banks for the period 2026–30.
Equita says uncertainty over the increase has been resolved
According to Equita Sim (which advised Fincantieri on the fairness opinion for the WSense transaction), “these transactions strengthen the company’s position in the underwater segment (we estimate a pro forma contribution of 11 per cent to group turnover as early as 2026, but around 30 per cent of EBITDA), which offers significant growth prospects and broadens the product range, enabling Fincantieri to enter the services sector”. The completion of the acquisitions – adds the SIM – “removes the uncertainty surrounding February’s capital increase, clearly indicating the allocation of the proceeds”. The capital increase, carried out through an unexpected accelerated placement of new shares, had taken the market by surprise.
