The article analyzes the key trends in consolidation and restructuring defense sector assets developed in the XXI century, i.e. the creation of vertically integrated structures in accordance with the decrees of the President of the Russian Federation; the inclusion of financially disadvantaged enterprises in concerns and state corporations, their subsequent financial recovery within the framework of integrated structures; the specifics of integration strategies of the leading defense industry holdings by the example of Rostec group, Almaz-Antey concern, USC group, and Roscosmos group. The paper gives the motives of the Russian defense companies for non-organic growth strategies and restructuring according to the state priorities. The article proposes the approaches to financial recovery of defense enterprises, given the preparation of profound amendments to the bankruptcy law; maintaining a favorable institutional climate in the M&A market for defense enterprises, etc. According to the authors, dominant leaders will continue to participate in the implementation of state programs that will require certain concentration of both efforts and capital as well as assets redistribution of a particular state Corporation.