Italian Piaggio, Turkish Baykar sign deal to transfer of business complexes

The Italian aviation giant Piaggio Aerospace and Türkiye's unmanned aerial vehicle (UAV) manufacturer Baykar signed a preliminary contract for the transfer of the business complexes.

"The preliminary contract for the transfer of the business complexes of Piaggio Aero Industries and Piaggio Aviation – the two companies operating under the Piaggio Aerospace brand - to the Turkish Company Baykar, a leader in the development and production of UAV systems and advanced aerospace technologies, has been signed," Italian firm revealed on Monday.

The Italian Ministry of Enterprises and Made in Italy authorized the transaction on Dec. 27, 2024, the press release recalled.

The firm added: "The agreement was signed by Piaggio Aerospace's Extraordinary Commissioners Carmelo Cosentino, Vincenzo Nicastro and Gianpaolo Davide Rossetti – with the assistance of BonelliErede law firm – and by the CEO of Baykar, Haluk Bayraktar, with the assistance of Gianni & Origoni law firm.

"The closing of the transaction is expected in spring once a series of conditions have been met, including authorization from the Italian Presidency of the Council of Ministers."

In the coming weeks, a consultation with trade union representatives is also scheduled, and Baykar will present its plan for the relaunch of the business complexes of the two Italian companies.

In 2023, Baykar ranked among the top 10 exporters in Türkiye across all sectors, racking up $1.8 billion in exports.

In recent years, Baykar has generated more than 90% of its revenues from exports, delivering Bayraktar TB2 UCAVs (unmanned combat aerial vehicles) and Bayraktar AKINCI UCAVs to 35 countries.