Leonardo Files for IPO for U.S. Subsidiary with SEC
Friday, February 26, 2021 | Comments

Leonardo announced today that its subsidiary, Leonardo DRS, filed a registration statement with the U.S. Securities and Exchange Commission (SEC) for a proposed initial public offering (IPO) of a minority stake of its common shares.

All common shares to be sold in the offering will be offered by Leonardo US Holding, a Leonardo wholly owned subsidiary in the U.S. The number of common shares to be offered and the price range for the proposed offering have not yet been determined. In connection with the IPO, Leonardo DRS intends to apply to list its common shares on the New York Stock Exchange under the ticker symbol DRS. The transaction is expected to be completed by the end of March, subject to, among other things, completion of the SEC review process and suitable market conditions.

“Today, we are announcing an important step in the strategic development of Leonardo, with the intention to list a minority stake of Leonardo DRS on the New York Stock Exchange,” said Leonardo CEO Alessandro Profumo. “By retaining our majority shareholding, we intend to maintain a significant exposure in this strategically important market, whilst continuing to leverage established relationships for all of Leonardo’s businesses.”

Post completion of the offering, Leonardo US Holding will remain the majority shareholder of Leonardo DRS. A new proxy agreement is anticipated to be entered into with the U.S. Department of Defense to permit Leonardo DRS to continue to compete and perform on classified programs

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