Breaking news: Baykar officially acquired Italian aviation company Piaggio Aerospace

Baykar officially completed the acquisition of Piaggio Aerospace with a signing ceremony held in Italy today. According to the statement made by Baykar, the process, which started with the approval of the Italian Ministry of Business and Made in Italy on December 27, 2024, was concluded with the approval of the Italian Prime Ministry Office within the scope of the "Golden Power" regulation. The ceremony held in Italy was attended by Italian Minister of Business and Made in Italy Adolfo Urso, Baykar General Manager Haluk Bayraktar, extraordinary commissioners responsible for Piaggio Aerospace Carmelo Cosentino, Vincenzo Nicastro and Gianpaolo Davide Rossetti.

The takeover is seen as the beginning of a new era in Italy that will carry Piaggio Aerospace's 140-year legacy into the future.

Adolfo Urso, whose views were included in the statement, touched on the importance of the agreement for Italy and stated that this operation protects a strategic industrial asset of Italy.

Stating that they have laid the foundations for the revival of the Italian aerospace sector, Urso said, "Thanks to the solid industrial plan that has been created, Piaggio Aerospace will once again rise to a leading position in the sector with new investments and the strengthening of local expertise. This process has shown that the state can maintain industrial sovereignty with extraordinary management and Golden Power tools and attract quality international investments to our country."

Haluk Bayraktar also stated that they aim to revive Piaggio Aerospace with a bold vision that draws strength from the company's deep-rooted tradition, and said, "We deeply respect the competent and devoted employees who keep the company afloat in difficult times. We will work together to create new opportunities, strengthen innovation and ensure a prosperous future."

"OUR GOAL IS TO REVIVAL THIS HISTORICAL BRAND"

Baykar Chairman of the Board and Technology Leader Selçuk Bayraktar stated that they are very honored to be responsible for the future of a company such as Piaggio Aerospace, which is a symbol of innovation and engineering excellence in Italy.

Bayraktar emphasized that their goal is to increase P.180 Avanti EVO production by investing in civil aviation capabilities, to strengthen the company's role as a center of excellence in aircraft and engine maintenance in Europe and to revive this historical brand, and noted the following:

"We are committed to long-term growth, high-quality employment and the deepening of industrial cooperation between Turkey and Italy. Piaggio Aerospace does not only represent a century of engineering excellence. We see this acquisition as more than just a business decision, it is an opportunity to breathe new life into Italian aviation design and manufacturing. We will preserve Piaggio's unique identity and strengthen it with a new spirit of innovation, safety and performance that will meet the demands of global markets."

The extraordinary commissioners who have been managing the company for some time described the transfer as "a historic moment for the rebirth of one of the oldest names in Italian aviation". It was emphasized that the agreement will provide industrial and employment continuity in the region, as well as making significant contributions to the strengthening of the Italian and European aerospace ecosystem. It was stated that the transition process was successfully completed by the company continuing its uninterrupted activities without bank loans or state support.

This acquisition is an important part of Baykar’s broader industrial cooperation with Italy, starting with its partnership with Leonardo to develop unmanned aerial vehicles. Baykar aims to stabilize the company and make the strategic investments needed for growth by preparing a comprehensive industrial plan for Piaggio Aerospace in the new period.

SHARED BY SELCUK BAYRAKTAR

Baykar Chairman of the Board Selçuk Bayraktar used the following expressions in his post: We combined our high-tech capability at Baykar with the deep-rooted experience of Piaggio Aerospace! May it bring good luck to our countries.

We combined our high-tech capability at Baykar with the deep-rooted experience of Piaggio Aerospace! ✈️May it bring good luck to our countries. 🇹🇷🤝🇮🇹To unite the advanced technical capacity of Baykar with the consolidated energy of Piaggio Aerospace.

A beneficio delle… https://t.co/bjbOm7A2mB

— Selcuk Bayraktar (@Selcuk) June 30, 2025

PIAGGIO AEROSPACE'S STRATEGIC ROLE IN THE EUROPEAN INDUSTRIAL ECOSYSTEM IS AIMED TO BE FURTHER STRENGTHENED

The main objectives of the development plan include the reintroduction of the legendary P.180 Avanti EVO aircraft to the global market with renewed technological capabilities. In addition, it is aimed to establish production at Piaggio facilities and a European center of excellence in aircraft and engine maintenance in order to meet the global market demand for Baykar's Bayraktar AKINCI and Bayraktar TB2 UAVs. In this way, it is aimed to preserve Piaggio Aerospace's historical heritage and further strengthen the company's strategic role in the European industrial ecosystem.

Baykar, which has carried out all its projects with its own resources since the beginning of the UAV R&D process in 2003, has obtained 83 percent of all its revenues from exports. Baykar, which exported 1.8 billion dollars in 2023, was among the top 10 companies in Turkey that exported the most in all sectors. Baykar, the largest company in the world unmanned aerial vehicle export market, continued its success on a global scale in 2024 and achieved 1.8 billion dollars in exports, obtaining 90 percent of its revenues from exports.

Baykar, which received the Champions of Export Award by being among the top 10 companies that export the most in all sectors in Türkiye in 2023 and 2024, became the export leader of the defense and aviation sector in 2021, 2022, 2023 and 2024 according to the data of the Presidency of Defense Industries and the Turkish Exporters Assembly.

Baykar, which realized one-third of the sector's exports in 2023, carried Türkiye to the leading position in the global UCAV export market by realizing one-fourth of the total exports of the defense and aviation sector in 2024. Baykar, the world's largest unmanned aerial vehicle company, has signed export agreements with 35 countries for the Bayraktar TB2 UCAV and with 15 countries for the Bayraktar AKINCI UCAV to date.

We have successfully completed the transfer of Italy's 140-year-old aviation giant Piaggio Aerospace to Baykar. We are proud! With this strategic step, we will strengthen the cooperation between Türkiye and Italy and carry the deep-rooted heritage of Piaggio Aerospace into the future.

Good and lucky for our countries… https://t.co/FYGxBxiNOr pic.twitter.com/0EmbB9JRFz

— Haluk Bayraktar (@haluk) June 30, 2025

RECEPTION GIVEN IN ROME

A reception was held at the Turkish Embassy in Rome last night to mark Baykar becoming the new owner by winning the tender for the Italian aviation giant Piaggio Aerospace in the last days of 2024 and the completion of the sales transactions with the final signatures made on June 30.

The reception hosted by Ambassador Ülgen was attended by Italian Minister of Business and Made in Italy Adolfo Urso, Commander of the Italian Air Force General Antonio Conserva, Baykar General Manager Haluk Bayraktar, Piaggio Aerospace's Extraordinary Commissioners Carmelo Cosentino, Vincenzo Nicastro and Gianpaolo Davide Rossetti, Leonardo President Stefano Pontecorvo and many high-level guests.

Baykar General Manager Bayraktar and Piaggio Aerospace officials signed the final agreement in the presence of Italian Minister Urso and Ambassador Ülgen, and announced the completion of the purchasing process.

In his speech here, Ambassador Ülgen stated that he was very excited and pleased to host such a reception in honor of Baykar's takeover of Piaggio Aerospace.

Ülgen said, "As the Turkish Ambassador in Rome, we are witnessing the closing of the agreement between the Turkish company Baykar and the historic Italian company Piaggio at this very important celebration, and we look forward to this inspiring collaboration that already has a place in the minds and hearts of everyone who seeks a brighter, safer and much friendlier future for Europe and wider geographies."

BAYRAKTAR: "WE ARE HAPPY WITH THE REVIVAL OF THIS BRAND"

Baykar General Manager Bayraktar also stated that he was honored to be present at such an event and thanked those who contributed to the completion of the transfer operation.

Bayraktar, drawing attention to the fact that Baykar was the last bidder for Piaggio but ultimately won the tender, said, "This did not happen without effort. It happened with all these synergies. We are happy to revive this brand. This is a great heritage. We have deep respect. As Baykar, Türkiye's largest aviation exporter, we want to create synergy, bring innovation, and make this brand a civilian, strong and revitalized brand again."

Bayraktar, who stated that Baykar's acquisition of Piaggio Aerospace is part of the framework in which they create synergy in Italy, said, "Leonardo senior management is also here. I would like to convey my greetings to them, the president and senior management because Piaggio is also part of this framework, because we would like to support Piaggio within the scope of this framework agreement. This is really an exciting thing, a strategic step."

Bayraktar continued his words as follows:

"For us, Piaggio is not a financial investment. It is a strategic investment. Our dream and goal is to turn this investment into a success story not only for Turkey but also for Italy and our cooperation. We will work for this purpose. I would like to say in your presence that we will do our best to support this brand and our cooperation within this framework."

ITALIAN MINISTER URSO: "Türkiye IS ALSO A PART OF OUR EUROPE"

Italian Minister Urso also said that Baykar sees the completion of the acquisition of Piaggio, which is iconic for them, as an important and strategic step.

"It is really important that Baykar's investment has the vision to revitalize Piaggio Aerospace's technological capacity in the aviation sector, maintenance and engine production," Urso said.

Stating that this strategic step is also important in terms of the joint production of UAV vehicles, Urso noted the following:

"(Baykar's acquisition of Piaggio Aerospace) The most important fruit of this agreement is the cooperation between Baykar and Leonardo. This cooperation between Leonardo and Baykar, that is, this cooperation between Italy and Turkey, is a decisive moment for the security and defense of our Europe. When I say 'our Europe', I of course also mean Türkiye. Turkey is also a part of our Europe."

The reception ended with Turkish delicacies.

MUTUAL POSTS FROM PIAGGIO AND BAYKAR ON SOCIAL MEDIA

Shortly after the reception, Piaggio Aerospace's X account shared a post in Turkish, saying, "We proudly announce that Piaggio Aerospace has joined the BAYKAR family, the world's largest UAV/S/S UAV manufacturer! The future is in the skies!"

Baykar's X account responded to Piaggio's post in Turkish and Italian with the statement, "Welcome to the Baykar family, Piaggio Aerospace! We will build the future of aviation together. We are proud."