Iveco Defense Vehicles is up for sale – and the number of interested parties is large. The long-established Italian company, which produces for the defense and civil protection sectors, is currently being fought over by KNDSthe Czech CGS Group, BAE Systems and a Leonardo–Rheinmetall-consortium. What speaks for whom.
Several large European defense companies are showing interest in Iveco Defence Vehicles (IDV; turnover 2024: 1.1 billion euros), the defense division of Iveco headquartered in Bolzano.
The Franco-German consortium KNDS, the Czech group CGS and the British group BAE Systems are also interested in IDV, as is a joint venture between Leonardo and Rheinmetall.
According to Bloomberg, the Turin-based commercial and military vehicle manufacturer Iveco wants to raise 1.5 billion euros for its defense division. This February, Iveco announced a possible separation from the defense business Iveco Defence Vehicles (IDV).
The bidders in detail
According to Bloomberg, the tank manufacturer KNDS has made an initial inquiry.
The CGS Group, which is already active in Italy, is also seen as having opportunities: in 2023, the Czech company acquired 80% of Armi Perazzi, a company based in the Lombard city of Brescia that specializes in the manufacture of shotguns and hunting rifles.
As far as BAE Systems is concerned, the British group has a cooperation agreement with the Italian defense company Leonardo.
Most likely buyer Leonardo-Rheinmetall?
For the Leonardo-Rheinmetall consortium (involved in the joint tank joint venture (both partners each hold 50 percent; founded in October 2024; headquartered in Rome) is supported by ongoing cooperation between Leonardo and IDV: Iveco Defense Vehicles is already a supplier to Leonardo for the production of tracked vehicles for the Italian army. And Oto Melara, a subsidiary of IDV specializing in the production of missiles, is also already cooperating with Leonardo.
Rheinmetall, for its part, already manufactures tanks and armored vehicles for the Italian army. IDV is also involved in this project as a supplier.
It remains exciting. Militär Aktuell will report on the closing, which is targeted for the end of 2025.
