Gokhan Ergocun
27 December 2024•Update: 28 December 2024
ISTANBUL
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 Friday 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.
‘Strategic move adds to global successes of Turkish aviation industry’
Adolfo Urso, Italian minister of enterprises and made in Italy, said in a press release that the company’s relaunch was guaranteed with a clear and ambitious industrial vision, adding: "After six years of waiting, we are giving Piaggio Aerospace, a strategic asset for our country, a future with a long-term production perspective, safeguarding corporate complexes and workforce.”
With this acquisition, Baykar is set to expand its influence in the European aviation market while preserving Piaggio’s historical legacy and enhancing its production capacity, the statement said.
It said: "Baykar’s future vision includes growing the employment opportunities that Piaggio provides in Italy.
"This strategic move adds to the global successes of Türkiye’s aviation industry and ensures that Piaggio’s historical identity is carried into the future through this agreement."
‘Bringing the power of Turkish aviation industry to Europe’
Mehmet Fatih Kacır, the Turkish industry and technology minister, called the acquisition "an indicator of the level of success Turkish aviation and Baykar have achieved on the global stage."
On X, he added: "This collaboration will also contribute to strengthening the bonds of friendship and economic relations between Türkiye and Italy."
Baykar CEO Haluk Bayraktar said with the acquisition, Baykar is bringing the power of the Turkish aviation industry to Europe.
"With this strategic step, we are taking on the responsibility of carrying a historical brand into the future while strengthening our production capacity," Bayraktar wrote on X.
In 2023, Baykar ranked among the top 10 exporters in Türkiye across all sectors, racking up $1.8 billion in exports.
According to a report by the US-based think tank Center for a New American Security, Türkiye dominates 65% of the global unmanned aerial vehicle (UAV) export market, with Baykar alone holding nearly 60% of the market – three times the size of its closest US competitor.
In recent years, Baykar has generated more than 90% of its revenues from exports, delivering Bayraktar TB2 UCAVs and Bayraktar AKINCI UCAVs to 35 countries.
