© Reuters. Leonardo emblem is seen displayed on this illustration taken, Might 3, 2022. REUTERS/Dado Ruvic/Illustration/File Photograph
(Reuters) – Italy’s state-controlled defence and aerospace group Leonardo on Wednesday mentioned it could promote a 6.3% minority stake in its U.S. subsidiary Leonardo DRS in the marketplace.
The 16.5 million shares in Leonardo DRS making up the stake are price about $344.2 million, based on Reuters calculations based mostly on their closing worth on Wednesday.
Proceeds from the sale shall be used to extend monetary flexibility to finance doable investments and acquisitions, Leonard mentioned in its assertion saying the sale.
Index supplier MSCI on Tuesday added Milan-listed Leonardo to its widely-followed MSCI ACWI inventory index.
Final week, Leonardo posted rising core earnings, revenues and new orders and confirmed its full-year steering. Profitability within the 9 months to Sept. 30 was primarily supported by European electronics, plane and helicopters.
Morgan Stanley, BofA Securities and J.P. Morgan are appearing as joint book-running managers for the proposed share providing.
