A new “Underwater Champion” is set to emerge in Italy: the state-controlled shipbuilding group Fincantieri and the Prysmian Group are jointly acquiring the British company Xtera Topco for this purpose.
Fincantieri has announced the completion of the acquisition of Xtera Topco Limited – a UK- and US-based provider of turnkey subsea telecommunications systems. However, the shipbuilder is not carrying out the transaction alone, but with a partner (who also holds a larger stake). According to a statement, the acquisition is taking place via a joint venture with the shipowner Prysmian, in which Fincantieri holds a 20 per cent stake.
The transaction, announced in December 2025, marks “a further step in the Group’s strategic development in the subsea sector and in the field of subsea infrastructure”, according to the shipbuilding group. Given the growing demand for global connectivity, the expansion of data centres and the rapid development of digitalisation and artificial intelligence, underwater telecommunications networks are playing an increasingly important role in the resilience of critical infrastructure and the continuity of digital data flows.
The acquisition is also described as “part of Fincantieri’s strategy” to strengthen its position as a “global underwater champion”. This builds on recent acquisitions and the development of an integrated ecosystem covering the entire underwater value chain.
The integration of Xtera is intended to further consolidate the industrial partnership between Fincantieri and Prysmian. Xtera is to contribute its experience in optical technology, Prysmian its expertise in the manufacture and installation of subsea cable systems, and Fincantieri its expertise in the integration of complex systems.
“Furthermore, the transaction will help to expand the range of services developed as part of the partnership between Fincantieri and Prysmian – particularly in the areas of development, monitoring and protection of subsea infrastructure,” the statement continued.
Pierroberto Folgiero, CEO and Managing Director of Fincantieri, said: “With the completion of the acquisition of Xtera, we are adding another building block to our goal of creating a global leader in the subsea sector. This strengthens our ability to integrate technologies, expertise and services across the entire value chain.” The partnership with Prysmian – “a flagship of Italian industry” – is intended to enable the pooling of complementary expertise.
