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Acquisition · Defense · Iveco · Leonardo
Leonardo, a leading European aerospace, defense, and security company, has announced a strategic agreement to acquire Iveco Defence, a division of Iveco Group, for an enterprise value of EUR 1.7 billion.
This acquisition, financed through available cash, is a pivotal move in Leonardo's strategy to become a fully integrated Original Equipment Manufacturer (OEM) in the burgeoning land defense sector. CEO Roberto Cingolani highlighted the transaction as a key milestone in executing their inorganic growth strategy and industrial plan, reinforcing Leonardo's position in a market segment poised for sustained expansion. Iveco Defence, with 2024 revenues of €1.133 billion and an EBIT of €108 million, brings a robust portfolio of light, medium, and heavy armored vehicles, along with logistic and tactical platforms.
The integration is expected to significantly boost joint commercial positioning by leveraging complementary sales networks and offering integrated solutions, particularly in high-potential markets. Furthermore, combining Leonardo's advanced electronic systems, including combat electronics sensors and next-generation turrets, with Iveco Defence vehicles promises enhanced operational effectiveness.
This synergy is also anticipated to drive greater operational efficiency, accelerate technological development, and foster professional skill enhancement. The transaction, advised by Morgan Stanley and Bonelli Erede, is slated for completion in Q1 2026, pending regulatory approvals.
Leonardo also plans to explore heavy vehicle system opportunities with partner Rheinmetall.
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