Austal, an Australian defense shipbuilding group, has confirmed that Wildcat Infrastructure, a U.S. investment firm, is interested in acquiring Austal USA. Based on a cash- and debt-free basis, the firm’s acquisition offer ranges from $1.25 billion to $1.35 billion, far exceeding the proposed offer of $1.05 billion to $1.2 billion made by South Korea’s Hanwha Group.
Wildcat Infrastructure’s acquisition offer is subject to a four-week due diligence period. Hanwha Group submitted an acquisition offer for Austal USA to Austal on August 10 and received approval that same month to conduct a four-week due diligence period. As a result, Wildcat Infrastructure and Hanwha Group are now officially in competition. Hanwha Group declined to comment on the matter.
According to publicly available information, Wildcat Infrastructure is headquartered in Florida and was founded in 2010. Its investment focus is on critical infrastructure sectors, including energy (clean and renewable energy), information and communications (5G), transportation (bridges and roads), and water infrastructure (water purification and wastewater treatment systems). The company launched its defense business in 2026.
The U.S. investment institution stated that it plans to operate Austal USA as an independent entity while retaining the Austal brand and its U.S. operations.
Regarding Hanwha Group’s acquisition proposal, Austal CEO Paddy Gregg recently stated during an earnings call that acquisition negotiations with Hanwha Group are progressing with “good momentum.”
Austal is no stranger to acquisition negotiations with Hanwha Group. In March 2025, Hanwha Systems and Hanwha Aerospace—both subsidiaries of Hanwha Group—acquired a 9.9% stake in Austal through open-market transactions. Later that year, after receiving approval from Australian and U.S. regulatory authorities, they increased their stake to 19.9%.
Data shows that Austal’s shipbuilding operations span four countries, with five shipyards in Australia, the United States, the Philippines, and Vietnam. Austal USA was established in 1999 and completed its first major expansion in November 2005. It has since grown into one of the largest naval shipyards in the United States. Its main shipbuilding facility is located in Mobile, Alabama, where it primarily builds small surface vessels and logistics support ships for the U.S. Navy. The company holds a market share of 40% to 60% in this sector, ranking first in the industry.
Austal USA currently has an order backlog of approximately $10 billion, including surface ship programs for the U.S. Navy and Coast Guard, as well as module construction projects for submarines and aircraft carriers. The company has delivered more than 30 vessels to the United States to date.
Since Austal USA builds vessels directly for the United States, some media reports have suggested that the U.S. Department of Defense has been delaying negotiations with Hanwha Group regarding Austal USA. The U.S. government had previously taken an open stance toward South Korea’s plans to invest in the U.S. shipbuilding industry and toward Hanwha Group’s acquisition of the Philly Shipyard. However, media outlets speculate that, compared to foreign investment, the U.S. government may be more inclined to have U.S. companies take over domestic shipbuilding resources.