Now it’s official: Iveco Group’s Defence Business goes to Leonardo
The separation of the Defence Business from Iveco Group is a condition, inter alia, to the completion of the voluntary tender offer by Tata Motors Limited for all issued common shares of Iveco Group.
As agreed in July 2025, when the entire operation involving the offer made by Tata to acquire the IVECO commercial vehicle business was announced, Iveco Group has officially handed over its Defence Business to Leonardo, a leading European defence and security company based in Italy. Indeed, the separation of the Defence Business from Iveco Group is a condition, inter alia, to the completion of the voluntary tender offer by Tata Motors Limited for all issued common shares of Iveco Group.
Iveco Defence stays in Italy
The enterprise value of €1.7 billion disclosed at that time corresponds to a sale price of €1.6 billion, subject to closing adjustments, to be settled definitively by early April. The transaction will create a European champion in the land defence segment with the scale and capabilities to compete globally. In financial terms, the Defence Business Unit (book value equal to €313 million as of 31st December 2025) has been classified as “Discontinued Operations” since the third quarter of 2025.
“This milestone marks a pivotal moment for the future of IDV and ASTRA. Our colleagues have shown remarkable dedication in meeting the growing demands for land defence vehicles and the technologies that we have developed. They will now become part of a group with the scale and integrated capabilities necessary to compete in all scenarios, and we heartily wish them continued success”, commented Olof Persson, CEO of Iveco Group.
