Baykar has completed its acquisition of Piaggio Aerospace, the 140-year-old Italian aviation giant. Under the agreement, Piaggio’s facilities will serve as a strategic European hub for producing both the P.180 Avanti Evo and Baykar’s indigenously UCAVs.

ROME
30 JUNE 2025

Baykar has officially completed its acquisition of Piaggio Aerospace, one of Italy’s most storied aviation companies, following a signing ceremony in Italy today. The transaction, initiated by the Ministry of Enterprises and “Made in Italy” on December 27, 2024, has now closed with “Golden Power” approval from the Italian Prime Minister’s Office.

CARRYING A 140-YEAR-OLD LEGACY INTO THE FUTURE
The signing ceremony was attended by the Minister of Enterprises and Made in Italy, Adolfo Urso; Baykar CEO, Haluk Bayraktar; and the Extraordinary Commissioners of Piaggio Aerospace Carmelo Cosentino, Vincenzo Nicastro, and Gianpaolo Davide Rossetti. The transfer marked the beginning of a new chapter that will carry Piaggio Aerospace’s 140-year-old legacy.

“WE ARE SAFEGUARDING A STRATEGIC INDUSTRIAL ASSET”
Speaking at the signing ceremony, the Italian Minister of Enterprises and Made in Italy, Adolfo Urso, highlighted the deal’s importance for his country: “With this operation, we are safeguarding a strategic industrial asset for the country and laying the foundation for a concrete relaunch of the Italian aerospace sector. Piaggio Aerospace can once again play a leading role thanks to a solid industrial plan, new investments, and the enhancement of local expertise. This result demonstrates how the State, through the extraordinary administration and the Golden Power tool, can protect industrial sovereignty while attracting high-quality international investment.”

A BOLD VISION THAT BUILDS ON LEGACY
Baykar CEO Haluk Bayraktar outlined their objectives as follows: “Our goal is to revitalize Piaggio Aerospace with a bold industrial vision that builds on its legacy while unlocking its full potential for the future. We deeply respect the talented and hardworking people who have kept this company going through challenging times, and we are committed to working with them to create new opportunities, drive innovation, and ensure a prosperous future.”

“WE WILL REVITALIZE PIAGGIO”
Selçuk Bayraktar, Bayraktar Chairman and CTO, reflected on the new process in Italy: “It is a great honor for us to take responsibility for the future of Piaggio Aerospace – a symbol of Italian innovation and excellence. Our goal is to revitalize this historic brand by investing in its civil aviation capabilities, expanding production of the P.180 Avanti EVO, and enhancing its role as a center of excellence for aircraft and engine maintenance in Europe. We are committed to long-term growth, high-quality employment, and deepening industrial cooperation between Türkiye and Italy.”

BRINGING NEW LIFE TO ITALIAN LEGACY
“Piaggio Aerospace represents more than a century of engineering excellence. We see this acquisition not just as a business decision, but as an opportunity to build on that legacy and bring new life to Italian aviation design and manufacturing. We are deeply committed to preserving the unique identity of Piaggio Aerospace while infusing it with a spirit of innovation, safety, and performance to meet the demands of today’s global civil aviation market,” said Selçuk Bayraktar.

“A HISTORIC MOMENT FOR REVIVAL”
The extraordinary commissioners, who had been overseeing the company for some time, described the transaction as “a historic moment for the revival of one of the oldest names in Italian aviation,” expressing satisfaction with the outcome. They emphasized that the deal ensures not only industrial and employment continuity in the region, but also offers a significant opportunity to strengthen the broader Italian and European aerospace sectors. They noted that the transition concludes a process during which the company remained fully operational, without resorting to bank financing or Government support.

A SHARED VISION FOR THE FUTURE
The acquisition represents a significant part of the broader industrial cooperation between Türkiye and Italy, including Baykar’s joint venture with Leonardo for the purpose of developing unmanned aerial vehicles. Going forward, Baykar aims to stabilize the company and make necessary strategic investments for its growth by developing a comprehensive industrial plan.

A STRATEGIC PRODUCTION HUB IN EUROPE
Key objectives of the development plan include reintroducing the legendary P.180 Avanti EVO to the global market with upgraded technological capabilities. The plan also calls for producing Baykar’s Bayraktar AKINCI and Bayraktar TB2 UCAVs at Piaggio’s facilities to meet worldwide demand, and for establishing a Europe-wide center of excellence in aircraft and engine maintenance. In this way, Piaggio Aerospace’s historic legacy will be preserved while further strengthening the company’s strategic role in the European industrial ecosystem.

EXPORT CHAMPION
Since its inception Baykar has financed every project with its own resources and, ever since launching its UAV R&D program in 2003, has derived 83 percent of its revenue from exports. In 2023 the company posted $1.8 billion in export sales, placing it among Türkiye’s top ten exporters across all industries. Already the world’s largest exporter in the unmanned-aerial-vehicle market, Baykar sustained that momentum in 2024, generating another $1.8 billion in exports and earning 90 percent of its revenue from overseas markets.

BAYKAR: THE WORLD’S LARGEST UAV COMPANY
In 2023 and 2024, Baykar ranked among Türkiye’s top ten exporters across all industries, earning the “Export Champions” award. According to the Defense Industry Agency (SSB) and the Turkish Exporters Assembly, Baykar was the defense-and-aerospace export leader every year from 2021 through 2024. After single-handedly generating one-third of the sector’s exports in 2023, the company accounted for a full quarter in 2024—propelling Türkiye to the forefront of the global UCAV market. Now the world’s largest unmanned-aircraft manufacturer, Baykar has export agreements with 36 countries: 35 for the Bayraktar TB2 UCAV and 15 for the Bayraktar AKINCI HALE UCAV.