Approval Granted for Baykar Makina to Acquire Piaggio Aerospace

Italian authorities have approved Turkey's Baykar Makina Sanayi ve Ticaret Anonim Sirketi to acquire Piaggio Aerospace, an aviation and defense company. The Industry Ministry granted authorization to Baykar, known for unmanned aerial vehicles, according to an official statement. Financial details of the transaction were not disclosed.

The sale of Piaggio Aerospace, formerly Piaggio Aero Industries SpA, attracted three binding offers. Piaggio specializes in designing and constructing aircraft and aeronautical engines for both military and civil applications. The company has been on the market for an extended period.

Since 2018, Piaggio Aerospace has been under state-supervised insolvency proceedings, typically reserved for larger companies. Currently, it consists of two entities under administration: Piaggio Aero and Piaggio Aviation. Previously, the firm was owned by Abu Dhabi's Mubadala Investment Company.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.