Italian defence contractor Leonardo has completed the 100% acquisition of Vitrociset, a manufacturer of protection, command and control systems, and other electronic products.
The purchase of 98.54% of Vitrociset was closed after the receipt of antitrust approvals, including Golden Power and satisfaction of all the required closing conditions.
Financial details of the transaction have not been disclosed.
Prior to the acquisition of the aforementioned interest, Leonardo held a 1.46% stake in Vitrociset.
The latest transaction follows after Leonardo exercised its right of first refusal and to buy the remaining stake of Vitrociset in September.
At the time of the announcement, Leonardo said in a statement: “The transaction creates value, enabling Leonardo to strengthen its services core business, mainly logistics, and simulation and training, and space operations activities, including space surveillance and tracking.
“Moreover, this initiative allows the national consolidation of the aerospace, defence and security value chain, increasing its competitiveness with significant market opportunities.
“Subsequently, the most appropriate corporate structures will be assessed, also to enable the possible entrance of other partners, who can contribute to a better positioning of Vitrociset in reference business.”
Founded in 1992 and based in Italy, Vitrociset has 989 employees, which includes 630 that are based in Italy. The company reported €163m of revenues and €236m of orders in 2017.
The company provides specialised services and solutions for complex systems deployed in sectors such as defence and security, space, transport and critical infrastructures.