The Italian government has cleared the sale of Piaggio Aerospace to Turkish unmanned air vehicle maker Baykar Technologies.
After examining three bids for Piaggio, which has been in extraordinary receivership since 2018, the Ministry of Business and Made in Italy authorised Baykar to proceed with the acquisition. The sale comes after several previous efforts to find new owners for the company fell through.
This will see “all corporate complexes” of Piaggio purchased by Baykar. The ministry feels the acquisition will best serve the interests of Piaggio’s creditors and employees.
“The relaunch of the company is guaranteed, with a clear and ambitious industrial vision,” says senator Adolfo Urso, Minister of Enterprise and Made in Italy.
“After six years of waiting, we are giving Piaggio Aerospace a future, a strategic asset for our country, with a long-term production perspective, safeguarding corporate complexes and workforce.”
Baykar says the acquisition will help it expand in the European aerospace market.
According to the ministry, the Turkish company has committed to “maintain and strengthen” Piaggio’s aircraft production activities and its engine maintenance and engine component production work.
No financial details of the transaction were disclosed, however.
Piaggio has been in limbo for over six years after its major shareholder, Abu Dhabi investment fund Mubadala, withdrew support in December 2018.
In March 2024, Urso extended Piaggio’s extraordinary receivership – an Italian business restructuring process – until May 2025.
