CDP Equity buys majority stake in T-Defence, eyes two more Italian defence takeovers

Italy's state lender CDP plans to expand further in the country's defence sector and is studying two takeovers after agreeing in late July 2026 to buy a majority stake in security firm T-Defence, sources told Reuters.

CDP Equity, the investment arm of Cassa Depositi e Prestiti, approved the acquisition of an 85.5% stake in T-Defence from the Tinexta group. CDP Equity chief executive Fabio Barchiesi plans to complete the deal soon and use T-Defence to take control of two additional defence firms.

CDP Equity will use T-Defence to strengthen the Italian defence supply chain and drive consolidation, the sources said. The CDP group's broader role is keeping strategic assets in national hands; its portfolio includes energy group Eni, motorway operator Autostrade per l'Italia, and shipbuilder Fincantieri.

T-Defence designs advanced technology for the defence, space, and national security sectors. It posted revenue of €41 million in 2025.

The deals come as the European Union pushes to boost the bloc's defence capabilities and help member states meet more ambitious NATO spending targets.

Tinexta placed T-Defence under a trust ahead of the sale, a condition Italy imposed to clear a takeover of the holding company by equity firms Advent and Nextalia. Italy holds golden powers letting it set terms for any deal affecting strategic sectors such as defence.

CDP has been active beyond defence, investing around €1 billion for a 23.5% stake in Angelini Pharma through a capital hike, helping the group complete its $4.1 billion acquisition of US rare-disease drug maker Catalyst Pharmaceuticals.

A state-backed lender leading defence consolidation shows how European governments are moving to secure strategic industries as the region races to rearm.