TURKEY’S Baykar Makina Sanayi ve Ticaret Anonim Sirketi got a green light from Italian authorities to buy aviation and defence company Piaggio Aerospace.
The Industry Ministry authorised the sale to unmanned aerial vehicles specialist Baykar, according to a statement, which did not include financial terms. Three binding offers were received.
Piaggio Aerospace, formerly known as Piaggio Aero Industries, designs and builds aircraft and aeronautical engines for military and civil applications. It has been for sale for years.
The group has been in state-supervised insolvency proceedings, a status available to larger firms, since 2018.
“The relaunch of the company is guaranteed, with a clear and ambitious industrial vision,” Industry Minister Adolfo Urso said, calling it “a strategic asset for our country”.
The firm currently consists of two entities in administration, Piaggio Aero and Piaggio Aviation. It was formerly owned by Abu Dhabi’s Mubadala Investment Company.
Baykar is among Turkey’s top exporters, selling drones to dozens of countries. Selcuk Bayraktar, chief technology officer of the company, is a son-in-law of Turkish President Recep Tayyip Erdogan.
He was Turkey’s top income taxpayer in 2023 for at least the third straight year, according to the latest annual list published by the nation’s revenue administration. BLOOMBERG
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