Turkish Drone Group Baykar Signs Contract To Acquire Piaggio Aeropsace | Aviation International News

Finance, Taxes, Insurance

Baykar Signs Preliminary Contract To Acquire Piaggio

Takeover of the Avanti II aircraft’s manufacturer is expected to close in the spring

Piaggio Aerospace — A contract signing between Turkey's Baykar and administrators for Piaggio Aerospace seals the terms for the transfer of the Italian manufacturer’s assets.

By Charles Alcock • Managing Editor

January 27, 2025

Turkish defense group Baykar expects to close its acquisition of Piaggio Aerospace in the spring after signing a preliminary contract transferring the Italian group’s assets. Piaggio and Baykar announced the contract signing on Monday and said the deal will close in the next few months once all remaining conditions have been met, including approval from the Italian Presidency of the Council of Ministers, which has veto powers.

On December 27, the Italian government’s Ministry of Enterprises and Made in Italy department authorized the transaction. Baykar, which produces military uncrewed aircraft, emerged as the preferred bidder for Piaggio Aerospace, which has been in receivership under Italian insolvency laws since 2018.

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