Leonardo closes $1.8bn acquisition of Iveco’s Defence Business

Leonardo has completed the previously announced €1.6bn ($1.8bn) acquisition of Iveco Group’s Defence Business, which includes the IDV and ASTRA brands.

The deal, which was signed in July last year, set an enterprise value of €1.7bn for the transaction, with the final price adjusted for contractual terms.

Iveco Group’s Defence Business was spun off from the parent company and consolidated under a single Italian holding entity, IDV Group.

The new entity reported revenues of €1.37bn in 2025 and operates six manufacturing sites across Italy, Germany, Romania, and Brazil. It employs around 2,000 staff members, and maintains 12 commercial offices in Europe, the US, and Brazil.

The company also runs seven research and development centres in Italy, Brazil, the UK, and Germany. Its product range includes light and medium armoured vehicles, heavy armoured platforms, as well as logistic and tactical vehicles mainly for military use.

Leonardo now owns 100% of IDV Group, expanding its range of solutions within the defence and security sector by adding both tracked and wheeled platforms to its portfolio.

The company stated that integrating its electronics systems including command-and-control, electro-optics, and advanced turrets with IDV’s vehicle platforms will enable the combined entity to deliver “high-performance, and end-to-end operational solutions.”

Leonardo CEO and general manager Roberto Cingolani said: “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.”