From Turin to Mumbai: Tata Motors Accelerates with Italy’s Iveco, Approval Secured—With Strings Attached

Updated: November 07, 2025 23:15

Image Source: ET Now

The Italian government has conditionally approved Tata Motors’ €3.8 billion acquisition of truck and commercial vehicle maker Iveco after the latter’s defense business sale to Italy's Leonardo. The deal, set to create a commercial vehicle powerhouse with over €22 billion revenue, is expected to close by early 2026.

The Italian government has granted conditional approval for Tata Motors’ acquisition of Iveco, Italy’s major truck and bus manufacturer, according to an official parliamentary document released on November 7, 2025. The approval comes after Iveco agreed to divest its defense business to Leonardo, an Italian state-backed defense group, addressing concerns over the strategic defense segment.

Valued at €3.8 billion ($4.36 billion), the transaction excludes the defense division and is anticipated to finalize by early 2026, subject to regulatory clearances, including EU merger laws and Italy’s Golden Power rules. Exor, the Agnelli family’s investment firm and principal stakeholder in Iveco, supports the deal and will transfer its stake to Tata Motors, fortifying Tata’s footprint in Europe’s commercial vehicle sector.

This acquisition will forge a global commercial vehicle entity with annual sales exceeding 540,000 units and revenues approximating €22 billion. Tata Motors, which currently operates Jaguar Land Rover in the passenger segment, gains significant presence in the European heavy vehicle market through this merger. Iveco, notably smaller among Europe’s truck manufacturers, offers complementary product portfolios and geographical reach, enhancing Tata’s global competitiveness.

Key Highlights:

Italian government’s conditional nod followed Iveco’s defense business sale to Leonardo.
Tata Motors to acquire Iveco for €3.8 billion, excluding defense assets.
Exor (Agnelli family) supports the deal and will transfer its 27.1% stake.
Combined group’s revenues expected around €22 billion, with 540,000+ annual unit sales.
Deal broadens Tata’s commercial vehicle presence, especially in Europe.
Completion subject to regulatory approvals under EU and Italian laws.
Transaction expected to close by early 2026.
Tata Motors’ move marks its largest acquisition since Jaguar Land Rover in 2008.

This strategic acquisition is poised to transform Tata Motors into a formidable global commercial vehicle leader, marrying Indian and European strengths and expanding in emerging markets.

Source: Moneycontrol, Ivecogroup

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