Italy has approved the sale of Piaggio Aerospace to Turkish drone manufacturer Baykar, invoking Golden Power safeguards. The €40 million investment aims to establish Liguria as a European production centre for Baykar’s AKINCI drones, with a potential collaboration alongside Leonardo
The decision. The Italian government has approved the sale of Piaggio Aerospace—one of Italy’s leading aeronautical manufacturers—to Turkish drone specialist Baykar.
- Since 2014, Piaggio Aerospace has been owned by Mubadala, the Abu Dhabi sovereign wealth fund, but it never achieved sustained growth.
- Baykar, chaired by Selçuk Bayraktar (the son-in-law of Turkish President Recep Tayyip Erdoğan) and led operationally by his brother Haluk Bayraktar, will now assume control.
Golden Power safeguards. Rome invoked its “Golden Power” authority to set specific conditions that Baykar must satisfy during acquisition and for future operations.
- These requirements encompass licensing, customer contracts and other regulatory approvals.
- The transaction is expected to be completed by the end of June, enabling Baykar to commence Italian operations from July 1—although slight delays remain possible.
Ownership and investment plan. Under the new structure, the freshly formed company will be 50% owned by Baykar, with the remaining 50% split equally between Selçuk and Haluk Bayraktar.
- In the first two years, the buyer plans to restructure Piaggio Aerospace, with 680 out of 738 existing employees transferring to the new entity, and inject €40 million to revitalise production.
Drones from Liguria to Europe. Baykar intends to manufacture its high-altitude, long-endurance (HALE) drone AKINCI at Piaggio’s facilities in Liguria, northern Italy.
- This includes a transfer of drone technology, positioning Italy as a hub for Baykar’s European operations.
- The deal also opens the door for collaboration with Leonardo, Italy’s defence giant.
- Leonardo and Baykar signed a memorandum in March to co-develop next-generation unmanned aerial systems.
