Saudi Wealth Fund Closes In on Investing in Leonardo Business

Saudi Arabia’s sovereign wealth fund is in advanced talks to invest in Leonardo SpA’s aerostructures unit following months of negotiations, according to people familiar with the matter.

Under the deal being discussed, the two parties would create a global unit for aerostructure works, said the people, asking not to be identified discussing a private matter. The talksbetween the Italian defense contractor and the kingdom’s Public Investment Fund, reported earlier this year by Bloomberg, are largely complete, they said.

A planned meeting between Italian Prime Minister Giorgia Meloni and Saudi Crown Prince Mohammed bin Salman at a Gulf ...