Baykar has officially completed the acquisition of Piaggio Aerospace, one of Italy’s most historic aviation companies with a legacy spanning over 140 years. The transfer of ownership was formalized today in a signing ceremony held in Italy.
According to a statement from Baykar, the process began following the approval by Italy’s Ministry of Enterprises and Made in Italy on December 27, 2024, and concluded after a final authorization by the Italian Prime Minister’s Office under the “Golden Power” regulation.
The official ceremony was attended by Italy’s Minister of Enterprises and Made in Italy Adolfo Urso, Baykar CEO Haluk Bayraktar, and Piaggio Aerospace’s extraordinary commissioners Carmelo Cosentino, Vincenzo Nicastro, and Gianpaolo Davide Rossetti.
The acquisition marks the beginning of a new chapter, aimed at preserving and advancing Piaggio Aerospace’s 140-year legacy.
In his remarks, Minister Urso emphasized the strategic importance of the acquisition for Italy, stating that the operation safeguards one of the country’s critical industrial assets. “Thanks to a solid industrial plan, Piaggio Aerospace will regain its leadership position in the sector through new investments and the strengthening of local expertise. This process demonstrates the state’s ability to maintain industrial sovereignty while attracting high-quality international investment through tools like extraordinary administration and Golden Power,” he said.
Haluk Bayraktar shared Baykar’s vision of reviving Piaggio Aerospace by building on its deep-rooted legacy. “We have great respect for the skilled and dedicated employees who kept the company going during tough times. We are committed to working together to create new opportunities, drive innovation, and ensure a prosperous future,” he said.
Baykar Chairman and CTO Selçuk Bayraktar also expressed pride in taking responsibility for the future of a company that symbolizes Italian engineering and innovation. He stated that their goal is to boost production of the P.180 Avanti EVO aircraft, position the company as a European center of excellence in aircraft and engine maintenance, and breathe new life into the historic brand.
The extraordinary commissioners described the acquisition as a “historic moment for the rebirth of one of Italy’s oldest aviation names.” They also highlighted that the agreement will support industrial continuity and employment in the region while strengthening the broader European aerospace ecosystem. Notably, the transition was completed without the need for bank loans or government subsidies, with operations continuing uninterrupted throughout the process.
This acquisition is seen as a key milestone in the growing industrial cooperation between Turkey and Italy, particularly in the context of Baykar’s ongoing UAV development partnership with Leonardo. Baykar plans to stabilize Piaggio Aerospace with a comprehensive industrial roadmap and strategic investments to support growth.
Strengthening Piaggio Aerospace’s Strategic Role in the European Industry Ecosystem
Baykar’s development plan includes relaunching the iconic P.180 Avanti EVO aircraft with updated technologies for the global market. It also aims to meet the rising global demand for Bayraktar AKINCI and Bayraktar TB2 UAVs by initiating production at Piaggio’s facilities and establishing a European center of excellence for aircraft and engine maintenance. These efforts are designed to both preserve the company’s legacy and reinforce its strategic position within the European aerospace sector.
Since its inception, Baykar has financed all of its projects using its own resources. Since the start of its UAV R&D in 2003, 83% of the company’s revenues have come from exports. In 2023, Baykar achieved $1.8 billion in exports, ranking among Turkey’s top 10 exporters across all industries and maintaining its leadership in the global UAV market.
In 2024, Baykar once again generated 90% of its revenue from exports, reaching another $1.8 billion. Recognized as Turkey’s top defense and aerospace exporter in both 2023 and 2024, Baykar has solidified the country’s leadership in the global UAV export market. To date, Baykar has signed export agreements with 35 countries for the Bayraktar TB2 and with 15 countries for the Bayraktar AKINCI.
