Piaggio Aerospace and Baykar sign preliminary business transfer contract
January 27, 2025
With the preliminary contract now signed, Turkish unmanned aerial systems company Baykar is set to formally acquire Piaggio Aero Industries and Piaggio Aviation, with the transaction set to bring the Italian aircraft manufacturer’s protracted six-year administration period to an end.
The Italian Ministry of Enterprises and Made in Italy authorised the transaction on 27 December 2024, with the deal expected to close this Spring – subject to authorisation of the Italian Presidency of the Council of Ministers. (This so-called ‘golden power’ allows the Italian government to stop or limit corporate takeovers it believes poses threats to the country’s national interests. However, there has been no indication this will be invoked).
Piaggo added that a consultation with trade union representatives is also scheduled for the coming weeks, during which Baykar will “present its plan for the relauch of the business complexes of the two Italian companies”.
In late December 2024, it emerged the Turkish aerospace company had been selected as the successful candidate from a final shortlist of three, with Baykar CEO Haluk Bayraktar explaining: “With a shared vision and a common commitment, we will work to preserve Piaggio’s historical identity, enhance its production capacity and promote employment growth in Italy, combining innovation and respect for roots”.
Piaggio has continued to operate through a lengthy administration period, building what the Italian government previously described as a “significant order portfolio” and continuing to develop a more advanced version of its signature turboprop P.180 Avanti. However, although Baykar has yet to build a crewed aircraft (and has given no previous suggestion it is looking to diversify its unmanned portfolio), it has been speculated that it may well be interested in reviving the twin-turboprop Piaggo Aerospace P.1HH HammerHead UAS – as well as leveraging Piaggio’s success in aircraft MRO and assembly expertise.
