Deal finalised in Rome. On Monday, Italy’s Ministry of Enterprises and Made in Italy hosted the finalisation of the agreement transferring Piaggio Aero Industries and Piaggio Aviation—two companies operating under the Piaggio Aerospace brand and currently under extraordinary administration—to Turkish defence company Baykar.
- Founded in 2003 and led by Selçuk Bayraktar, the son-in-law of Turkish President Recep Tayyip Erdoğan, Baykar is now the world’s top drone exporter.
- The deal follows the withdrawal of previous majority owner Mubadala, the Emirati sovereign wealth fund, and comes after years of state support to keep Piaggio operational.
Backed by Italian state. In recent years, the Italian government provided key orders to sustain the company.
- Twelve P.180 aircraft were upgraded to the new Avanti II+ configuration, which first flew in November 2023.
- Italy also pledged to buy 15 brand-new P.180 EVO+ aircraft.
- According to the General Aviation Manufacturers Association, Piaggio delivered four P.180 EVOs in 2024, valued at approximately $34 million.
- Another unit was delivered in Q1 2025, worth $8.485 million.
Strategic approval. Italy’s Prime Minister’s Office cleared the deal under the country’s golden power rules—national interest screening for strategic assets.
- Enterprise Minister Adolfo Urso hailed the move as “a strategic step for the revival of one of Italy’s historic aerospace brands.”
- He emphasised the international dimension of the investment, calling Baykar “a major player with a plan that boosts Italy and Europe’s aerospace competitiveness.”
- “This operation has already yielded further results,” he added, pointing to the recently signed partnership between Baykar and Italian defence giant Leonardo.
Jobs and vision. Baykar has committed to maintaining current employment levels at Piaggio’s Villanova d’Albenga and Genoa facilities—and even expanding the workforce in line with increased production.
- “Our goal is to relaunch Piaggio Aerospace with an ambitious industrial vision,” said Baykar CEO Haluk Bayraktar.
- He praised the resilience of Piaggio’s workforce and promised to work alongside them “to create new opportunities.”
What’s next for Piaggio. In an analysis for our sister website Formiche, LUISS University professor Gregory Alegi outlined Baykar’s industrial roadmap for Piaggio Aerospace.
- Revitalising the P.180 Avanti executive twin-engine aircraft.
- Launching domestic production of Baykar’s TB3 and Akinci drones in Italy.
- Building a high-level European maintenance centre for aircraft engines and airframes.
Joint drone venture. Baykar’s ambitions in Italy go beyond Piaggio.
- On 6 June, Leonardo and Baykar signed a memorandum of understanding in Rome to establish a joint company focused on unmanned aerial systems.
- Baykar will contribute the platform, while Leonardo will provide mission systems, payloads and certification.
