Acquisition Overview - Rheinmetall is acquiring 100% of Naval Vessels Lürssen B.V & Co KG (NVL) to create a new naval business segment[42] - The acquisition aims to establish a comprehensive German naval powerhouse by combining shipbuilding with Rheinmetall's effector and electronics competencies[38] - The transaction was agreed upon on September 14th, 2025, with closing expected by the beginning of 2026, pending regulatory approval[42] Market Dynamics - The naval business is identified as a growth area due to the increasing strategic relevance of the maritime sector[3] - The German navy is expected to strengthen its defense readiness over the next decade, with more than 20% of the total German draft commitment appropriations allocated to this effort[9] - The accumulated market potential for NVL-relevant vessel categories between 2025-2035 is estimated to be approximately $231 billion, including ~$70 billion for frigates, ~$50 billion for corvettes, ~$20 billion for patrol vessels, ~$10 billion for auxiliary vessels, ~$30 billion for amphibious ships, ~$10 billion for mine countermeasure ships, ~$6 billion for destroyers, and ~$30 billion for unmanned surface vessels[11] Company Overview & Financials - NVL has delivered over 1,000 vessels to more than 50 navies and coastguards[22] - NVL's current backlog exceeds €5 billion[23] - NVL's revenue is projected to be approximately €1.3 billion in 2025, with a potential to exceed €5 billion by 2030[30] - NVL's 2024 EBIT margins are approximately 10%, exceeding the median of ~6% for key European navy players[33]