Italy's Ministry of Enterprises and Made in Italy have approved the sale of Piaggio Aerospace to Baykar in Turkey. The world's largest unmanned combat aerial vehicle (UCAV) company, Baykar outbidded rivals from multiple countries in a competitive tender for the sale of Piaggio, which was established in 1884. The company worked with Pragma Consulting on financial valuation during the process.

Piaggio Aerospace is known for producing P.180 Avanti business jets and aircraft engines. The company also plays a strategic role in Italy's defence industry ecosystem thanks to its MRO services, and has been renowned for its contributions to Italy's technological infrastructure over its 140-year history.

Noting that the company's relaunch was guaranteed with a clear and ambitious industrial vision, Italian Minister Adolfo Urso comments: “After six years of waiting, we are giving Piaggio Aerospace, a strategic asset for our country, a future with a long-term production perspective, safeguarding corporate complexes and workforce.”

With this acquisition, Baykar is set to expand its influence in the European aviation market while preserving Piaggio's historical legacy and enhancing its production capacity. Baykar's future vision includes growing the employment opportunities that Piaggio provides in Italy. This move adds to the global successes of Turkey's aviation industry and ensures that Piaggio's identity is carried into the future.

In 2023, Baykar ranked among the top 10 exporters in Turkey across all sectors, achieving $1.8 billion in exports. According to a report by the US-based think tank CNAS (Center for a New American Security), Turkey dominates 65 per cent of the global UAV export market, with Baykar alone holding nearly 60 per cent of the market, three times the size of its closest US competitor. In recent years, Baykar has generated more than 90 per cent of its revenues from exports, delivering Bayraktar TB2 UCAVs and Bayraktar Akinci UCAVs to 35 countries.