Leonardo acquires Iveco Group's Defence business for EUR 1.6 billion

Leonardo closes the circle on the acquisition of the Defence business of Iveco Group (Idv and Astra brands). Europe's leading defence and security company has thus finalised the agreement announced on 30 July last year: the deal is worth EUR 1.6 billion, in line with the enterprise value set at EUR 1.7 billion, net of contractual adjustments. The deal will create a European champion in the land defence sector, with the size and expertise to compete globally.

As planned, the net proceeds of the sale will be distributed to the company's shareholders through an extraordinary dividend. Taking into account the price received, the expected closing adjustments and the separation costs incurred for the enucleation of the Defence Business, the dividend (initially estimated at EUR 5.5-6 per share) is currently expected to be around EUR 5.7-5.8 per issued and outstanding ordinary share. The exact amount of the distribution will be determined in due course by the Board of Directors. The payment is expected to take place on 20 April, in line with the standard ex-dividend date on the Italian Stock Exchange calendar. On 25 March, Iveco Group's extraordinary shareholders' meeting will discuss the distribution of the extraordinary dividend, which will be determined by a board resolution. Following the sale concluded today, the item on the agenda relating to the demerger of Iveco Group (hypothesised as an alternative means of separating the Defence business) will be removed from the agenda.

"This milestone represents a defining moment for the future of Idv and Astra. Our colleagues have shown extraordinary dedication in meeting the growing demand for land defence vehicles and the technologies we have developed. They will now become part of a group with the scale and integrated capabilities needed to compete in every scenario. We wholeheartedly wish them lasting success,' commented Olof Persson, CEO of Iveco Group. The Defence Business Unit (with a book value of €313 million at 31 December 2025) has been classified as 'Discontinued Operations' as of Q3 2025.

Satisfaction was also expressed by Leonardo's CEO, Roberto Cingolani. "The acquisition strengthens us as a reference player in the land defence sector and makes us even more competitive in a market segment characterised by significant future growth prospects. Thanks to the transaction, Leonardo adds the industrial competences to produce integrated platforms, both in the mobility and payload sides, and takes a further step in the strategy of inorganic growth, one of the guidelines in the development of the Industrial Plan".