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Piaggio Aerospace
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BAN's World Gazetteer

Italy
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Bidding process reopens for Piaggio sale
Piaggio Aerospace is still looking for a buyer, and the process is down to just five entities. Having closed one of its best financial years, it is hoped the purchaser will implement a recovery plan for the whole business.
Extraordinary commissioner Vincenzo Nicastro officially reopened the bidding process for the sale of Piaggio Aero Industries and its subsidiary Piaggio Aviation.

With a notice published in a number of financial newspapers, and after receiving the relevant authorisation from the Italian Ministry of Economic Development, the extraordinary commissioner Vincenzo Nicastro has officially reopened the bidding process for the sale of the business complexes of Piaggio Aero Industries and its subsidiary Piaggio Aviation, the two companies, currently under extraordinary administration, operating under the Piaggio Aerospace brand.

“Discussions with a number of counterparties are still ongoing, but we want to be sure we can guarantee a long term future to the company,” says Nicastro. “That’s why we are formally starting the sale process again. But not from scratch: the preparatory work on the data room is already done, while we have set very tight deadlines for the due diligence and bid submission phases in order to speed up the process as much as possible."

"As always, we will carefully evaluate all the offers that will be submitted, verifying that they are consistent with the bid requirements," he adds. "The objective is selling Piaggio Aerospace in its entirety to a buyer who will be able to propose a solid plan for the relaunch and development of the company and who will recognise its fair value."

Those interested in buying the company will have to send their expressions of interest to the extraordinary commissioner no later than 28 February, 2022. The full notice is available on the website of the extraordinary receivership.

In the meantime, Piaggio Aerospace closed one of its best recent financial years: turnover reached 152 million euros with an order book of approximately 500 million euros, and new contracts still to be formalised for a further 180 million euros.

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