Spain's Indra, a major player in the defense sector, has entered the bidding process to acquire Iveco Defence Vehicles, the military vehicle subsidiary of the Italian group Iveco, for approximately 1,000 million euros. This move is part of Indra's strategy to expand its armored vehicle business and establish itself as a significant player in Europe's defense industry. Indra's interest in Iveco Defence Vehicles aligns with the Spanish government's plan to invest 10,000 million euros in defense projects. The acquisition would allow Indra to enhance its capabilities in the production of armored vehicles, a sector in which it has been actively seeking growth. In 2024, Iveco Defence Vehicles reported sales of 1,133 million euros, an EBIT of 113 million euros, and a margin of 10%. The bidding for Iveco Defence Vehicles is competitive, with Indra facing competition from a joint venture between Italy's Leonardo and Germany's Rheinmetall, as well as from the American investment fund Bain Capital and an Australian investment firm. Banco Sabadell views this potential acquisition as aligning with Indra's strategy to enhance its defense sector. Indra's financial position is solid, with a net cash position of 129 million euros in the first quarter of 2025.