Italian defence and aerospace group Leonardo said Wednesday that it would acquire Iveco Defence, a division that makes armoured vehicles for military and civil use, for 1.7 billion euros ($1.95 billion).
Leonardo said the deal was expected to close in the first quarter of 2026, subject to regulatory approvals.
"This transaction reinforces Leonardo's position as a reference player in the European land defence market, a segment expected to experience sustained growth in the coming years," Leonardo's chief executive Roberto Cingolani said in a statement.
Earlier Wednesday, Leonardo posted an 11.7 percent rise in first-half revenues to 8.9 billion euros, while confirming its full-year guidance for revenues of approximately 18.6 billion euros.