On Wednesday, July 30, 2025, the Italian group Leonardo announced that it had signed a 1.7 billion EUR deal to acquire 100% ownership of Iveco Defence, a part of the Iveco S.p.A. group. The transaction strengthens Leonardo’s position as one of the leading players in the European defense sector, particularly in the land domain.
Image: Leonardo
The transaction will be financed using Leonardo Group’s available cash reserves. This strategic acquisition marks an important step in Leonardo’s plan to strengthen its role as a leading, fully integrated original equipment manufacturer in the field of land systems. The acquisition further expands Leonardo’s comprehensive portfolio of defense and security solutions, encompassing 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 strengthen joint commercial positioning by leveraging the complementary nature of both companies’ sales networks and the ability to offer integrated solutions in high-potential markets.
The integration of Leonardo’s electronic systems, including a full suite of vetronics and next-generation turret systems, into Iveco Defence vehicles will ensure maximum effectiveness of the proposed operational solutions. Highly specialized expertise across individual divisions, combined with strong logistics and manufacturing capabilities, will enhance operational efficiency, accelerate joint technological development, and create new opportunities for professional growth and skills development.
Leonardo, in cooperation with its German partner Rheinmetall AG, will assess potential opportunities in the field of heavy military vehicles, especially following Iveco’s inclusion in the Italian Army’s next-generation main battle tank and infantry fighting vehicle programs.
The transaction is expected to close in the first quarter of 2026, pending regulatory approvals. Leonardo’s financial advisor is Morgan Stanley & Co. International Plc, while Bonelli Erede is serving as legal advisor.
Iveco Defence Vehicles is a division of the Iveco S.p.A. Group, headquartered in Bolzano, Italy. In 2024, the company reported revenues of 1.133 billion EUR and an operating profit (EBIT) of 108 million EUR. It operates production facilities in Germany, Romania, and Brazil, employs approximately 2,000 people, and maintains nine sales offices in Europe, the United States, and Brazil. The company also runs six research and development centers located in Italy, Brazil, the United Kingdom, and Germany.
Its product portfolio includes light and medium armored vehicles, heavy armored platforms, and logistical and tactical vehicles, primarily for military use.
“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…
— Leonardo (@Leonardo_live) July 30, 2025