Defense company Leonardo has made no decision on DRS business sale

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FILE PHOTO: Leonardo's logo is seen during celebrations for the 500th Eurofighter Typhoon produced by the European consortium

MILAN – Defence and aerospace group Leonardo said on Wednesday it had not taken a formal decision about a sale of a business line at its DRS division.

Bloomberg reported on Wednesday that Leonardo was considering options for its Global Enterprise Solutions business, including a sale. It could be worth up to $400 million, Bloomberg said, citing people familiar with the matter.

“With regards to press rumours on the potential disposal of a Leonardo DRS business line, Leonardo informs that, as usual, it constantly evaluates options aimed at creating value for its shareholders, including the possibility of disposing business lines,” the Italian group said.

Last year, Leonardo tried to list U.S. electronics business DRS, which Global Enterprise Solutions is part of, but in March it postponed the initial public offering saying adverse market conditions did not allow for an adequate valuation.

(Reporting by Elisa Anzolin. Editing by Jane Merriman)


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