Leonardo Strengthens Its Defense Arsenal with €1.7B Iveco Acquisition
Leonardo has finalized a deal to acquire Iveco Defence, a segment of the Ivec Group, for a total enterprise value of EUR 1.7 billion. The deal will be funded through existing cash reserves. This strategic acquisition signifies an important advancement in Leonardo’s initiative to enhance its status as a premier, fully integrated Original Equipment Manufacturer (OEM) within the land defence sector. The acquisition further enriches the Group’s extensive array of solutions for defence and security, encompassing both tracked and wheeled platforms.
“The acquisition of Iveco Defence marks a pivotal achievement in the execution of our inorganic growth strategy and facilitates the comprehensive implementation of our Industrial Plan. This deal fortifies Leonardo’s stature as a key player in the European land defence market, a segment anticipated to witness significant growth in the forthcoming years,” remarked Roberto Cingolani, CEO and General Manager of Leonardo.
The acquisition will also enhance joint commercial positioning, capitalizing on the complementary nature of the two companies’ sales networks and the capacity to provide integrated solutions in high-potential markets.
The amalgamation of Leonardo’s electronic systems – featuring a complete suite of combat electronics sensors and next-generation turrets – with Iveco Defence vehicles will guarantee the highest efficacy of the proposed operational solutions. The highly specialized expertise in their respective fields, combined with robust logistics and manufacturing capabilities, will foster greater operational efficiency and expedite joint technological advancement, while also creating new avenues for professional skill development and talent enhancement.
Leonardo, alongside its partner Rheinmetall, will assess potential prospects in the heavy vehicle system domain.
The completion of the transaction is anticipated in the first quarter of 2026, pending regulatory approvals.
The financial advisor for Leonardo is Morgan Stanley & Co. International Plc, while Bonelli Erede served as legal counsel.
