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 (unmanned aerial vehicle) systems and advanced aerospace technologies, has been signed.

The Italian Ministry of Enterprises and Made in Italy authorized the transaction on December 27, 2024.

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 (Golden Power).

In the coming weeks, a consultation with Trade Union representatives is also scheduled, during which, among other things, Baykar will present its plan for the relaunch of the business complexes of the two Italian companies.