Iveco Group NV agreed to break itself up, selling its defense unit to Leonardo SpA and the rest of the Italian truck maker to Tata Motors Ltd in deals totaling about €5.5 billion ($6.3 billion).

Tata Motors and Iveco Group have announced a definitive agreement that will see the Indian automotive giant acquire the European commercial vehicle

Italian vehicle maker Iveco Group (OTCPK:IVCGF) (IVCGY) will be carved up in a pair of transactions worth roughly €5.5 billion ($6.3 billion), with its defense arm set to be acquired by Leonardo (OTCPK:FINMF) (OTCPK:FINMY) and the remainder of the company going to Tata Motors.