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

India's Tata Motors will buy Iveco in a deal valued at 3.8 billion euros ($4.36 billion), the companies said on Wednesday, after the Italian truckmaker separately agreed to sell its defence business to Leonardo.