Leonardo has signed an agreement to acquire Iveco Defence, a division of the Iveco Group, for a total enterprise value of EUR 1.7 billion. The transaction will be financed through available cash resources. This strategic acquisition marks a significant step in Leonardo’s plan to strengthen its role as a leading, fully integrated Original Equipment Manufacturer (OEM) in the land defence domain. The acquisition further enhances the Group’s comprehensive portfolio of solutions for defence and security, covering both tracked and wheeled platforms. 

“The acquisition of Iveco Defence represents a key milestone in the execution of our inorganic growth strategy and supports the full implementation of our Industrial Plan. This transaction reinforces Leonardo’s position as a reference player in the European land defence market, a segment expected to experience sustained growth in the coming years”, stated Roberto Cingolani, CEO and General Manager of Leonardo. 

The acquisition will also boost joint commercial positioning, leveraging the complementary nature of the two companies’ sales networks and the ability to offer integrated solutions in high-potential markets. 

The integration of Leonardo's electronic systems - including a complete suite of combat electronics sensors and next-generation turrets - with Iveco Defence vehicles will ensure the utmost effectiveness of the proposed operational solutions. The highly specialized know-how in their respective verticals, combined with robust logistics and manufacturing capabilities, will drive greater operational efficiency and accelerate joint technological development, while also creating new opportunities for professional skill development and talent enhancement. 

Leonardo, in collaboration with its partner Rheinmetall, will evaluate potential opportunities on the heavy vehicle system. 

The closing of the transaction is expected in the first quarter of 2026, subject to regulatory approvals. 

Financial advisor to Leonardo is Morgan Stanley & Co. International Plc, while Bonelli Erede acted as legal advisor. 

See for details AVIONEWS.