Italian defense company Leonardo is moving to boost its ownership in the country’s national cloud operation by purchasing a 10% stake from state-owned technology firm Sogei, according to sources who spoke with Reuters.
Leonardo currently holds a 25% share in the National Strategic Hub, commonly referred to as PSN, and the additional acquisition would bring its total ownership to 35%. Sources familiar with the situation indicated the deal could be formally announced before the end of this month.
PSN sits at the center of Italy’s effort to shift sensitive government data and public sector services onto secure cloud infrastructure. That initiative is supported by approximately €2 billion — equivalent to about $2.3 billion — drawn from the European Union’s post-pandemic Recovery Fund.
According to Sogei’s 2025 financial statements, the company carried its stake in the cloud venture at just €7 million on its books. While the transaction itself is relatively modest in financial terms, it is part of a larger reorganization of PSN’s ownership structure designed to concentrate control among shareholders with a clear purpose in the sector, one source explained.
State-backed conglomerate Poste Italiane is also a key player in the reshuffle. Earlier this year, Poste’s Chief Executive Matteo Del Fante announced the company would be acquiring a 20% stake in PSN from state lender CDP.
Looking further ahead, Poste has set its sights on controlling 65% of the cloud company. That goal is connected to Poste’s ongoing takeover bid for TIM, which is currently PSN’s largest single shareholder with a 45% ownership stake.
The restructuring is expected to facilitate the departure of shareholders who originally joined the cloud project as financial backers or without specialized expertise in the industry, a source noted.
Discussions are also continuing around how the company will be governed going forward. Under the arrangement currently being considered, Poste would have the authority to name the chief executive, while Leonardo would select the chairperson, sources said.
Leonardo, Poste, and TIM all declined to provide comment. CDP and Sogei were not immediately reachable for a response.
