Italian Authorities Approve Baykar's Acquisition of Piaggio Aerospace

Italian authorities have approved Turkey's Baykar Makina Sanayi ve Ticaret Anonim Şirketi's acquisition of the aerospace and defense company Piaggio Aerospace. According to the official statement, the Ministry of Industry has authorized Baykar, which specializes in unmanned aerial vehicles. The financial details of the transaction were not disclosed in the announcement.

The sale of Piaggio Aerospace, previously known as Piaggio Aero Industries SpA, attracted three binding offers. The company specializes in designing and manufacturing aircraft and aerospace engines for both military and civil applications and has been on sale for an extended period.

Since 2018, Piaggio Aerospace has been subject to bankruptcy proceedings under state supervision, a status generally reserved for larger companies. The firm currently consists of two entities: Piaggio Aero and Piaggio Aviation, which are under administration. The company was previously owned by Abu Dhabi-based Mubadala Investment Company.