Leonardo Closes Acquisition of Iveco’s Defense Unit for €1.6 Billion

Overview

• The transfer of Iveco Defence Vehicles and ASTRA to Leonardo was completed on March 18, finalizing a deal first announced in July 2025.
• The transaction reflects an enterprise value of €1.7 billion and a €1.6 billion sale price, with closing adjustments due by early April.
• Leonardo will fund the purchase with available cash and aims to pair its electronics, command-and-control systems and turrets with IDV’s platforms to deliver integrated offerings.
• IDV posted roughly €1.4 billion in revenue last year and runs six production sites across Italy, Germany, Romania and Brazil.
• Iveco expects to return net proceeds via an extraordinary dividend estimated at €5.7–€5.8 per share, with an EGM on March 25 and an anticipated ex-dividend date of April 20, and the separation was a condition for Tata Motors’ tender offer.