Story ID: 
Baykar Completes Piaggio Aerospace Acquisition
By: Charlotte Bailey
Caption: Turkish aerospace company acquires Italian aerospace entities following regulatory approval
Word Count: 282
Piaggio Aero Industries and Piaggio Aviation have been acquired by Turkish aerospace firm Baykar, with newly granted Italian regulatory approval set to conclude a protracted six-year insolvency restructuring process at Piaggio.
The transfer of Piaggio Aerospace’s business interests to the world’s largest unarmed combat aerial vehicle company represents “a strategic milestone in the relaunch of one of Italy’s historical aerospace brands with a major international investor,” said Italian Minister Adolfo Urso. Finalization of the deal follows approval last month under Italy’s so-called “golden power,” a regulation protecting and regulating transactions that could compromise national strategic assets.
Piaggio Aerospace has been engaged in administrative restructuring since December 2018 following a withdrawal from the previous major shareholder, Abu Dhabi sovereign wealth fund Mubadala. Seven months ago, Baykar emerged as the winner of three bidders described by the Italian Ministry of Business as “the most suitable to guarantee the interests…and relaunch the [Piaggio] Group’s industrial prospects.” Having already extended the deadline for the extraordinary administration’s conclusion twice, the Italian government welcomed Baykar’s expression of intent that it believes would safeguard Piaggio’s “long-term production perspective.”
Throughout the restructuring, Piaggio has continued both airframer and MRO roles—including developing the upgraded P.180 Avanti Evo turboprop twin—business areas that Baykar intends to expand and enhance. Planned workforce expansion could also focus on what Urso identified as “even greater market prospects in the unmanned aircraft sector.”
Although Baykar has yet to build a crewed aircraft, it could also potentially be looking to revive Piaggio’s P.1HH HammerHead medium-altitude long-endurance uncrewed aerial system, which uses the Avanti as its platform.