The French State in Its Investment in Belgian Company John Cockerill Defense

July 2, 2024

On June 26, 2024, the French State acquired a 10% equity stake in John Cockerill Defense, alongside the Belgian State through the Belgian Federal Holding and Investment Company (SFPI).

Such investment follows the signature of a memorandum of understanding on June 17, 2024 between the French President and the Belgian Prime Minister to enhance industrial cooperation in land defense between the two countries.

The investment proceeds were used by John Cockerill Defense to acquire Arquus, a European leader in armored vehicles, from Volvo Group. Such acquisition aims at creating an industrial leader in light armored vehicles.

The joint entry of the French and Belgian states into John Cockerill Defense represents a significant step towards the development of a European land armament industry. These investments by both states will also further anchor the consolidated group in France and Belgium, with each state having been granted specific rights to ensure the protection of its sovereign interests.