Published by Global Banking & Finance Review®
Posted on July 1, 2025
2 min readLast updated: January 23, 2026
Leonardo acquires a 24.55% stake in SSH to expand its cybersecurity business, marking progress in European defence consolidation.
By Anne Kauranen
HELSINKI (Reuters) -Italy's Leonardo will buy a 24.55% stake in Finland's SSH to expand its cybersecurity business, the companies said on Tuesday, in a sign of some progress in European defence consolidation and cooperation.
The deal will see the Italian aerospace and defence group become SSH's biggest shareholder, highlighting Leonardo's belief that cybersecurity has become essential to the interconnected multi-domain warfare systems it develops.
SSH's chief executive Rami Raulas said the Western defence industry was turning away from national protectionism towards more international cooperation, and that Leonardo's stake was part of that trend.
Raulas said large defence groups had begun to establish joint ventures to share costs and risks in projects such as the new combat jet being developed by Britain's BAE Systems, Japan's Japan Aircraft Industrial Enhancement and Leonardo.
"The geopolitical situation and concerns over U.S. investments will further promote this 'European for Europeans' thinking," he told Reuters, alluding to U.S. President Donald Trump's view that the U.S. should be less involved in European defence.
Leonardo, which made 18 billion euros ($21.2 billion) in revenue last year, sees double-digit percentage growth in cybersecurity business in the coming years.
"The digital and cybersecurity portion will be more embedded in (defence) platforms and will be an increasing portion of the global security offering," Leonardo's head of M&A Giuseppe Panizzardi told a conference call, adding it was fundamental for the company to have the core cyber security technology at hand.
The deal, subject to conditions, involves SSH issuing 20 million euros of shares to Leonardo. After completion, SSH's current top investor, Accendo Capital, will hold a 20.87% stake.
SSH offers technologies including quantum-safe encryption.
The deal is a significant step towards the development of a "Made in Europe" Zero Trust ecosystem, Leonardo said, referring to a cyber security approach in which all users are viewed as potential risks.
($1 = 0.8493 euros)
(Reporting by Anne Kauranen in Helsinki and Giulia Segreti in Rome. Editing by Bernadette Baum and Mark Potter)
Leonardo is acquiring a 24.55% stake in Finland's SSH.
This acquisition makes Leonardo SSH's biggest shareholder, reflecting its commitment to expanding its cybersecurity business.
SSH offers technologies including quantum-safe encryption, which is crucial for modern cybersecurity.
The deal is seen as part of a trend towards increased international cooperation in the Western defense industry, moving away from national protectionism.
Leonardo anticipates double-digit percentage growth in its cybersecurity business in the coming years.
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