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Italy Aerospace Company Leonardo Approves U.S. IPO of DRS Unit

Leonardo SpA Offers Sneak Peek At Helicopters During Its Investor Day
Photographer: Stefan Wermuth/Bloomberg

Leonardo SpA, Italy’s largest aerospace company, approved a plan for an initial public offering of its U.S.-based defense electronics systems manufacturer.

The board of Rome-based Leonardo gave the green light to a U.S. listing for its DRS division in the New York Stock Exchange, according to a filing. Leonardo may raise up to 1.05 billion euros ($1.27 billion) from the transaction, which may be used to cut debt, Italian daily Il Messaggero reported Friday. Bloomberg News first reported in November that Leonardo was considering an IPO for DRS.