LEONARDO COMPLETES THE ACQUISITION OF IVECO GROUP’S DEFENCE BUSINESS

Rome, 18 March 2026

Value of the transaction at EUR 1.7 billion
Leonardo consolidates its position as a leading player in the European land defence sector

Leonardo completes the acquisition of Iveco Group’s Defence Business (IDV and ASTRA brands) for a price of €1.6 billion in line with the agreed Enterprise Value disclosed of €1.7 billion minus agreed contractual adjustments. The transaction is 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 strengthens our position as a leading player in the land defence sector and enhances our competitiveness in a market offering significant long-term growth potential. Through this transaction, Leonardo acquires the industrial capabilities required to deliver fully integrated platforms, spanning both mobility and payload, and takes a further step forward in inorganic growth strategy, one of the pillars underpinning the execution of our Industrial Plan”, stated Roberto Cingolani, CEO and General Manager of Leonardo.

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

Leonardo’s ability to offer a full-spectrum electronics suites, ranging from command-and-control systems to electro-optics and next-generation turrets, combined with IDV’s vehicle platforms, ensures to deliver high-performance, and end-to-end operational solutions. The highly specialised expertise of the two companies in their respective verticals, combined with robust logistics and manufacturing capabilities, drives operational synergies and accelerates joint technological development, while also creating new opportunities to further enhance technological capabilities and strengthen employees’ professional skills.

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Editor’s Note
Iveco Group’s Defence Business (IDV and ASTRA brands) has been separated from the Iveco Group and reorganised under a single Italian holding company, IDV Group S.r.l. Leonardo has acquired 100% of the share capital of IDV Group S.r.l.. In 2025, the business reported revenues of €1,368 million and operates in six manufacturing sites (in Italy, Germany, Romania, and Brazil), employs approximately 2,000 people, and maintains 12 commercial offices across Europe, the United States, and Brazil. It also runs 7 research and development centers located in Italy, Brazil, the United Kingdom, and Germany. The product portfolio spans light and medium armoured vehicles, heavy armoured platforms, and logistic and tactical vehicles, primarily for military applications.