Australian shipbuilder Austal has confirmed an “initial, preliminary discussion” with US investment group Wildcat Infrastructure as Hanwha Defense USA pursues a $1.05bn-$1.20bn offer for Austal USA, according to a company statement.
Austal said it “has not received any proposal” from Wildcat and would update the market if that changes. The September 7 filing does not state that the discussion concerned Austal USA, although Wildcat has emerged as a potential rival to Hanwha for the US business.
Hanwha’s indicative, non-binding and conditional proposal values Austal USA’s business entities and operations at $1.05bn-$1.20bn on a cash- and debt-free basis, subject to customary adjustments.
Austal’s board determined that the proposal merited further evaluation and granted Hanwha four weeks of due diligence once the requested information became available.
Any transaction remains subject to definitive agreements and regulatory approvals, including reviews by the Committee on Foreign Investment in the United States and the Defense Counterintelligence and Security Agency where required.
Austal reported a US segment EBIT loss of A$202.8m ($146.3m) for FY2026, largely reflecting a non-cash provision for onerous contracts, on US segment revenue of A$1.38bn ($995.6m).
Other US programmes and sustainment activities, including submarine-module work, remained profitable. Austal Limited is an Australian shipbuilding and defence company with shipyards in Australia, the US, the Philippines and Vietnam. Its Mobile, Alabama, operation builds steel and aluminium vessels for the US Navy and US Coast Guard and manufactures modules for Virginia- and Columbia-class nuclear submarines. A new submarine module manufacturing facility is due for completion in December 2026 and is expected to support about 1,000 jobs when fully operational.
Wildcat Infrastructure forms part of privately held US family investment firm Wildcat Equity Partners, whose infrastructure activities include energy and telecommunications.
Hanwha Defense USA is the US subsidiary of South Korea’s Hanwha Aerospace, an aerospace and defence group.