Baykar Technologies, a Turkish manufacturer of unmanned aerial vehicles, has received regulatory approval from the Italian Ministry of Business and Made in Italy to acquire Piaggio Aerospace. The acquisition marks Baykar’s entry into the manned aircraft segment.
Baykar disclosed that it outbid competitors from various countries in its efforts to purchase Piaggio Aerospace, an Italian aircraft manufacturer recognized for producing the P.180 Avanti business jet, often referred to as the “Ferrari of the skies,” as well as a wide range of aircraft components.
According to Breaking Defense, one of Baykar’s primary motives for acquiring Piaggio Aerospace is to revive the P.1HH HammerHead UAV. Caglar Kurc, a defense analyst and assistant professor at Abdullah Gul University, noted that the deal will also grant Baykar access to funded projects within the European Union.
Adolfo Urso, Italy’s minister for business and Made in Italy, described the acquisition as a way for Piaggio to maintain its legacy in the aircraft industry.
“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,” he said.
The deal is also expected to enhance Baykar’s presence in the European aviation market. Piaggio Aerospace has been in receivership since 2018 after declaring insolvency, and it was put up for sale in 2020.