FEINDEF 2025 – Indra confirms non binding offer for IDV

At FEINDEF 2025, the defence exhibition ongoing in Madrid, Indra Group, the Spanish technological holding company, confirmed its interest in acquiring IDV, the Italian vehicle company, part of the Exor group

In the last 10 years numerous rumours circulated on possible acquisitions of Italian defence activities operating in the land defence domain. Both what was in the past known as Oto Melara, now part of a division within the Leonardo group, then what was named Iveco Defence Vehicles IDV, were the subject of several speculations, as both then Finmeccanica and the FIAT group were looking at divesting from the land defence domain.

Following the geopolitical change, and its full involvement in the renovation of the Italian Army fleet of main battle tanks and armoured infantry fighting vehicles, Leonardo decided to remain active in that defence segment, and is investing to answer the needs of the service. The creation of the Leonardo Rheinmetall Military Vehicles (LRMV) joint venture, that has been formed and should become active before year end, led the Italian leading defence group to make a non binding offer for the acquisition of IDV through that joint venture. It is to note that in the work share agreement between the German Rheinmetall group and the Italian company, part of the 50% of the Leonardo share was assigned to IDV.

The LRMV offer is not the only one on the table, and at FEINDEF the Spanish INDRA group confirmed its interest for the Italian military vehicle maker, active both in the logistic and combat vehicles fields. This would allow the Spanish group to offer complete solutions to its customers.

The Czechoslovak Group (CSG), which Defence Division is acquiring increasing importance, also seems to be among the potential buyers of IDV, which would add potential to its vehicles production capacity.

Two other entities seem to have expressed interest in IDV, both being investment funds, a sign that in a moment where many speak about “war economy” companies active in the defence domain become an attractive investment. One of them is the US BAIN fund; based in Boston, this investment fund is active in many areas including industry. An Australian fund seems also interested in the Bolzano-based Italian company.

The outcome of the IDV saga is still unclear; much will depend on the Italian Government attitude, IDV being of course considered a strategic asset, which might use the golden power to avoid an operation going against Italian strategic interests. More to come …