Baykar acquires Italian aviation giant Piaggio Aerospace

By Gokhan Ergocun

ISTANBUL (AA) - Italy has approved the sale of Piaggio Aerospace, the country’s aviation giant, to the Turkish unmanned combat aerial vehicle (UCAV) producer Baykar.

"The world’s largest UCAV company, Baykar outbid rivals from multiple countries in a competitive tender for the sale of Piaggio Aerospace, which was established in 1884," Baykar said in a press release about the approval, which came from Italy’s Ministry of Enterprises and Made in Italy.

Baykar worked with Pragma Consulting on financial valuation during the process.

Piaggio Aerospace is the best known in the aviation industry for producing P.180 Avanti business jets, also known as Ferrari of the skies, and aircraft engines.

The company also plays a strategic role in Italy’s defense industry ecosystem thanks to its maintenance, repair, and overhaul services, and is renowned for its contributions to Italy’s technological infrastructure over its 140-year history.