- News
- Jul 1, 2025
- 3 min read
Turkey’s Baykar Completes Acquisition of Piaggio Aerospace
During its restructuring, Piaggio continued operating as an aircraft manufacturer and MRO provider, including developing the upgraded P.180 Avanti Evo twin-engine turboprop—business lines that Baykar intends to expand and improve.
Piaggio Aero Industries and Piaggio Aviation have been acquired by Turkish aerospace company Baykar, with recently obtained approval from Italian regulators set to conclude Piaggio’s protracted six-year bankruptcy restructuring process.
The transfer of Piaggio Aerospace’s business interests to the world’s largest manufacturer of unarmed combat aircraft represents a “strategic milestone in relaunching one of Italy’s historic aerospace brands with a major international investor,” Italian Minister Adolfo Urso said. Completion of the transaction followed approval last month under Italy’s so-called “Golden Power” rules, a regulatory framework that protects and governs transactions that could jeopardize national strategic assets.
Piaggio Aerospace has been undergoing administrative restructuring since December 2018 following the withdrawal of its previous main shareholder, Abu Dhabi sovereign wealth fund Mubadala. Seven months ago, Baykar emerged as the winner of three bidding rounds described by Italy’s Ministry of Enterprises as the most suitable for safeguarding Piaggio Group’s interests and reviving its industrial prospects. The Italian government welcomed Baykar’s expression of intent, which it believes will protect Piaggio’s long-term manufacturing prospects.
During the restructuring, Piaggio continued operating as an aircraft manufacturer and MRO provider, including developing the upgraded P.180 Avanti Evo twin-engine turboprop—business lines that Baykar intends to expand and improve. The planned workforce expansion may also focus on what Urso described as “even greater market prospects in the unmanned aircraft sector.”
Although Baykar has yet to build a crewed aircraft, the company may also consider reviving Piaggio’s P.1HH HammerHead medium-altitude, long-endurance unmanned aircraft system, which uses the Avanti as its platform.
Piaggio Aero Industries and Piaggio Aviation have been acquired by Turkish aerospace company Baykar, with recently obtained approval from Italian regulators set to conclude Piaggio’s protracted six-year bankruptcy restructuring process.
The transfer of Piaggio Aerospace’s business interests to the world’s largest manufacturer of unarmed combat aircraft represents a “strategic milestone in relaunching one of Italy’s historic aerospace brands with a major international investor,” Italian Minister Adolfo Urso said. Completion of the transaction followed approval last month under Italy’s so-called “Golden Power” rules, a regulatory framework that protects and governs transactions that could jeopardize national strategic assets.
Piaggio Aerospace has been undergoing administrative restructuring since December 2018 following the withdrawal of its previous main shareholder, Abu Dhabi sovereign wealth fund Mubadala. Seven months ago, Baykar emerged as the winner of three bidding rounds described by Italy’s Ministry of Enterprises as the most suitable for safeguarding Piaggio Group’s interests and reviving its industrial prospects. The Italian government welcomed Baykar’s expression of intent, which it believes will protect Piaggio’s long-term manufacturing prospects.
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During the restructuring, Piaggio continued operating as an aircraft manufacturer and MRO provider, including developing the upgraded P.180 Avanti Evo twin-engine turboprop—business lines that Baykar intends to expand and improve. The planned workforce expansion may also focus on what Urso described as “even greater market prospects in the unmanned aircraft sector.”
Although Baykar has yet to build a crewed aircraft, the company may also consider reviving Piaggio’s P.1HH HammerHead medium-altitude, long-endurance unmanned aircraft system, which uses the Avanti as its platform.
