Fincantieri's Underwater Expansion
Fincantieri Unites Four Firms in €600 Million Underwater Technology Expansion
Anonymous
Key Points
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Next Geosolutions: Fincantieri will acquire a 52.60% controlling stake from Marnavi at €16.25 per share, valuing 100% of Next Geosolutions at €780 million, and will launch a mandatory tender offer to delist the company from Euronext Growth Milan after completion.
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Stake structure for the other targets: Fincantieri will hold an initial 61.95% of WSense with potential to raise to 75% within 24 months; it will acquire 49% of Defcomm initially with a call option to lift to 51% within two years; Graal Tech will be 51% subject to Golden Power clearance.
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2025 underwater segment scale: The underwater segment generated €667 million in revenue in 2025, about 6.7% of the group’s total.
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Pro-forma 2026 impact: The underwater segment is expected to deliver more than €1.1 billion in revenue and €220 million in EBITDA in 2026, with contributions to group net profit above €60 million; pro-forma EBITDA up about 13% and pro-forma net profit up about 40%.
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Scale of the consolidated underwater platform: around 1,500 highly qualified professionals across Italy, the UK, the Netherlands, Norway and the UAE, unified under eight centers of excellence to enable end-to-end underwater solutions.
Italian shipbuilder Fincantieri has agreed to acquire majority stakes in four underwater technology companies — Next Geosolutions, WSense, Graal Tech, and Defcomm — in a deal worth about €600 million ($687 million), according to Marine Link. The move creates what the company calls the first vertically integrated underwater operator in the world.
The acquisitions build on Fincantieri's earlier buys of WASS in 2025 and Remazel in 2024. Together, the deals push the company's underwater segment to an expected €1.1 billion in revenue and €220 million in EBITDA in 2026, according to Splash247.
How Fincantieri Is Structuring Each Deal
The largest deal involves Next Geosolutions, a company listed on Euronext Growth Milan. Fincantieri will buy a 52.60% controlling stake from shipping group Marnavi at €16.25 per share. That values all of Next Geosolutions at €780 million. After closing, Fincantieri will launch a mandatory tender offer to delist the company entirely, according to Defence Industry.
The other three deals use a step-up structure. Fincantieri will start with 61.95% of WSense, with an option to raise that to 75% within 24 months. It will hold 49% of Defcomm first, then use a call option to reach 51% within two years. The Graal Tech deal gives Fincantieri 51%, pending Italian Golden Power security clearance, according to OE Digital.
Financing Comes From February Capital Raise
Fincantieri is funding the deals mainly through a €500 million capital increase it completed in February 2026. The rest comes from other group resources. The company says the acquisitions will have no impact on its 2026 net debt to EBITDA guidance and will improve longer-term financial targets, according to Defence Industry.
On a pro-forma basis, the underwater segment is expected to lift group EBITDA by about 13% and group net profit by about 40%. Net profit contributions from the underwater business alone are forecast above €60 million in 2026, according to Decode39.
Building a 1,500-Person Underwater Platform
The four companies will be integrated into a single underwater platform spanning Italy, the UK, the Netherlands, Norway, and the UAE. About 1,500 highly qualified professionals will work across eight centers of excellence. Each center focuses on a specific area — underwater surveying, unmanned vehicles, Internet of Underwater Things communications, or related services, according to Splash247.
The underwater segment generated €667 million in revenue in 2025 — about 6.7% of Fincantieri's total. The four new acquisitions are meant to more than double that contribution. Decode39 noted that the combined platform is designed to offer end-to-end underwater solutions, from sensors and drones to full project delivery.
Why Underwater Technology Is a Strategic Priority
Fincantieri is pushing hard into dual-use underwater technology — systems that serve both commercial and defense customers. Marine drones, underwater surveillance, and seabed mapping are growing markets. Governments and energy companies are spending heavily to protect and monitor subsea infrastructure, according to Defence Industry.
The four acquisitions are part of Fincantieri's 2026–2030 underwater growth plan. With Next Geosolutions set to be delisted and three other companies folded into the group, Fincantieri is moving fast to lock in capabilities before rivals do, according to Marine Link.
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