Leonardo’s US subsidiary Leonardo DRS has signed a definitive agreement to sell its Global Enterprise Solutions business (GES) to SES for US$450 million, gross of taxes, subject to customary working capital adjustments. Closing of the deal is targeted for the second half of 2022 and is subject to customary regulatory approvals, including Hart-Scott-Rodino and the Committee on Foreign Investment in the United States (CFIUS) in the US. Leonardo has confirmed its FY2022 Group Net Debt Guidance of approximately €3.1 billion (£2.6 billion).
Alessandro Profumo, Leonardo CEO, stated “The disposal of the GES business is another step forward in the execution of our industrial plan: we are optimising our portfolio and continuing to focus on our core business. The transaction announced today is also confirming our commitment to deliver on our targets, in line with our 2022 guidance. I’m also sure SES is the best industrial partner to ensure a successful long-term future for GES and all our stakeholders.”
The GES business is the largest provider of commercial satellite communications to the US government and delivers world-class, mission-critical satellite communications and security solutions to customers anywhere in the world.
