Baykar completes acquisition of Italy’s Piaggio Aerospace

Turkish unmanned aerial vehicle (UAV) specialist Baykar officially completed its acquisition of Italy’s Piaggio Aerospace on 30 June 2025 with a signing ceremony in Rome.

The transaction, initiated by the Ministry of Enterprises and Made in Italy (Ministero delle imprese e del made in Italy) on 27 December 2024, has now closed with ‘Golden Power’ approval from the Italian Prime Minister’s Office.

The signing ceremony was attended by Minister of Enterprises and Made in Italy Adolfo Urso; Baykar CEO Haluk Bayraktar; and the Extraordinary Commissioners of Piaggio Aerospace – Carmelo Cosentino, Vincenzo Nicastro, and Gianpaolo Davide Rossetti.

Speaking at the signing ceremony, Urso highlighted the deal’s importance for his country, stating, “With this operation we are safeguarding a strategic industrial asset for the country and laying the foundation for a concrete relaunch of the Italian aerospace sector. Piaggio Aerospace can once again play a leading role thanks to a solid industrial plan, new investments, and the enhancement of local expertise. This result demonstrates how the State, through the extraordinary administration and the Golden Power tool, can protect industrial sovereignty while attracting high-quality international investment.”

Selçuk Bayraktar, Baykar chairman and CTO, stated of the acquisition, “It is a great honour for us to take responsibility for the future of Piaggio Aerospace: a symbol of Italian innovation and excellence. Our goal is to revitalise this historic brand by investing in its civil aviation capabilities, expanding production of the P.180 Avanti EVO [executive light transport aircraft], and enhancing [Piaggio’s] role as a centre of excellence for aircraft and engine maintenance in Europe. We are committed to long-term growth, high-quality employment, and deepening industrial co-operation between Türkiye and Italy.”

The acquisition represents a significant part of the broader industrial co-operation between Türkiye and Italy, including Baykar’s joint venture with Leonardo to develop UAVs. Going forward, Baykar aims to stabilise the Piaggio and make the necessary strategic investments for its growth by developing a comprehensive industrial plan.

As well as reintroducing the legendary P.180 Avanti EVO to the global market with upgraded technological capabilities, the development plan for Piaggio also calls for producing Baykar’s Bayraktar Akinci and Bayraktar TB2 unmanned combat air vehicles (UCAVs) at Piaggio’s facilities to meet worldwide demand, and establishing a Europe-wide centre of excellence in aircraft and engine maintenance.

Baykar claims to be the world’s largest UAV manufacturer and has export agreements with 36 countries, involving 35 deals relating to the Bayraktar TB2 and 15 for the Bayraktar Akinci. The company has derived 83% of its total revenues from exports.