Italy has given conditional approval for India’s Tata Motors to acquire mobility developer Iveco Group at 3.8 billion euros ($4.3 billion), Reuters reported, citing a parliamentary document.
The move comes after Tata agreed to buy Iveco’s commercial vehicle operations, while Iveco’s defense business is being sold separately to state-backed Leonardo SpA.
Turin-based Iveco is controlled by the Agnelli family through investment firm Exor, which holds a 27.1 percent stake and 43.1 percent of voting rights. Exor will transfer its stake to Tata as part of the deal.
Tata and Iveco said during the acquisition plan earlier this year that it “would bring together two businesses with highly complementary product portfolios and capabilities and with substantially no overlap in their industrial and geographic footprints.”
Once completed, the combined company is expected to sell more than 540,000 vehicles a year and generate around 22 billion euros ($25.4 billion) in revenue, creating a major global player in commercial vehicles.
Iveco employs approximately 36,000 people worldwide, including 14,000 in Italy, and earns almost three-quarters of its revenue in Europe.
Military Portfolio
Iveco, Tata, and Leonardo supply military vehicles that combine protection, mobility, and operational flexibility, supporting modern mechanized operations while ensuring adaptability across varied terrain.
Iveco is known for the Light Multirole Vehicle and SuperAV wheeled armored vehicle, along with Trakker and Eurocargo tactical trucks.
Tata, which operates in Mumbai, produces vehicles such as the Light Armored Multirole Vehicle and Defense Logistics Vehicle, widely used by the Indian Army for transport, artillery towing, and tactical support.
Meanwhile, Rome-based Leonardo offers the Freccia Infantry Fighting Vehicle and Centauro wheeled tank destroyer, focusing on high-tech armored reconnaissance, fire support, and integrated battlefield systems.
