Fincantieri has agreed to acquire majority stakes in Next Geosolutions, WSense, Graal Tech and Defcomm in a four-company expansion of its underwater business, with an initial expenditure of about €600m ($686m), according to Fincantieri.
The Italian shipbuilding group said the deals will create a vertically integrated underwater operator covering marine survey, geoscience, offshore construction support, unmanned underwater and surface vehicles, and underwater communications. The acquisitions follow Fincantieri’s purchases of WASS in 2025 and Remazel in 2024.
The company said the new transactions will be funded through the proceeds of its €500m ($572m) capital increase completed in February 2026 and other group resources, with no impact on 2026 net debt-to-EBITDA guidance.
Next Geosolutions is the largest of the four targets. Fincantieri has signed a binding agreement to acquire a 52.60% controlling stake from Marnavi at €16.25 per share, valuing 100% of the company at €780m ($892m).
After completion, Fincantieri will launch a mandatory tender offer for the remaining shares, with the aim of delisting Next Geosolutions from Euronext Growth Milan.
Fincantieri will initially hold 61.95% of the vehicle acquiring WSense and increase that stake to as much as 75% within 24 months from closing. It will acquire an initial 49% of Defcomm, with a call option to lift the holding to 51% within two years.
The group has also recently acquired 51% of Graal Tech, subject to customary conditions including Golden Power clearance.
On a pro-forma basis, Fincantieri expects its underwater segment to generate more than €1.1bn ($1.26bn) of revenue and about €220m ($252m) of EBITDA in 2026. The acquisitions are expected to contribute more than €60m ($69m) to group net profit in 2026, increase 2026 pro-forma EBITDA by 13% and lift pro-forma net profit by 40%.
Fincantieri is an Italian industrial group active in shipbuilding, naval vessels, offshore units, marine systems and related engineering services.