Piaggio: Turkish Firm Baykar Signs Preliminary Acquisition Agreement
Deal News | Jan 27, 2025 | Legal Community Italy
Baykar, a Turkish company engaged in the development and production of UAV systems and advanced aerospace technologies, has executed a preliminary agreement to acquire the business complexes of Piaggio Aero Industries and Piaggio Aviation, currently under extraordinary administration. These Italian companies are known for manufacturing aircraft and aeronautical engines for private, governmental, and military operators. On December 27, Italy's Ministry of Enterprises and Made in Italy authorized the transaction, which strategizes to rejuvenate the companies' operations according to an industrial plan developed by Baykar. The agreement was inked by Baykar's CEO, Haluk Bayraktar, and the extraordinary commissioners of Piaggio, Carmelo Cosentino, Vincenzo Nicastro, and Gianpaolo Davide Rossetti, with legal assistance from BonelliErede. Legal support for Baykar was provided by Gop, whose team was led by partner Giovanni Marsili. This operation marks a significant step for Baykar in strengthening its aerospace footprint and for Piaggio Aero to potentially regain its position in the global market.
Sectors
- Aerospace and Defense
- Legal Services
- Private Equity and Venture Capital
Geography
- Italy – The target companies, Piaggio Aero Industries and Piaggio Aviation, as well as the transaction itself, are based in Italy.
- Turkey – Baykar, the acquiring company, is based in Turkey, making this geography relevant to the transaction.
Industry
- Aerospace and Defense – The article discusses Baykar's acquisition of Piaggio Aero Industries and Piaggio Aviation, both operating in the aerospace sector manufacturing aircraft and engines for various markets, which highlights significant activity in the Aerospace and Defense sector.
- Legal Services – The involvement of law firms Gop and BonelliErede in the acquisition makes Legal Services a relevant industry classification, as they provided crucial advisory roles in the deal-making process.
- Private Equity and Venture Capital – Baykar's acquisition of Piaggio's business units involves investment operations typical of the Private Equity and Venture Capital sector.
Financials
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Baykar | Acquirer | Company | A Turkish company specializing in UAV systems and aerospace technologies, set to acquire Piaggio Aero Industries and Piaggio Aviation. |
| Piaggio Aero Industries | Target company | Company | An Italian aerospace manufacturer producing aircraft and engines, currently under extraordinary administration. |
| Piaggio Aviation | Target company | Company | Italian aerospace firm under extraordinary administration, producing aircraft for various operations, included in the acquisition by Baykar. |
| Ministry of Enterprises and Made in Italy | Government Authority | Government | The Italian government entity that authorized Baykar's acquisition of Piaggio Aero Industries and Piaggio Aviation. |
| Gianni & Origoni (Gop) | Legal Advisor for Baykar | Company | A law firm advising Baykar in the acquisition process, focusing on M&A and restructuring aspects. |
| BonelliErede | Legal Advisor for Piaggio's Commissioners | Company | A law firm assisting the extraordinary commissioners of Piaggio Aero Industries and Piaggio Aviation in the transaction. |
| Haluk Bayraktar | CEO of Baykar | Person | Chief Executive Officer at Baykar, involved in signing the acquisition agreement. |
| Carmelo Cosentino | Extraordinary Commissioner of Piaggio | Person | One of the extraordinary commissioners managing Piaggio Aero Industries. |
| Vincenzo Nicastro | Extraordinary Commissioner of Piaggio | Person | Among the commissioners overseeing Piaggio's operations under administration. |
| Gianpaolo Davide Rossetti | Extraordinary Commissioner of Piaggio | Person | Part of the administrative team managing Piaggio Aero and Aviation during extraordinary administration. |