Rome: The Italian aviation company Piaggio Aerospace has entered into a preliminary agreement with Turkey's unmanned aerial vehicle (UAV) manufacturer Baykar for the transfer of its business complexes. This development marks a significant collaboration between two major players in the aerospace sector.

According to Anadolu Agency, the Italian Ministry of Enterprises and Made in Italy approved the transaction on December 27, 2024. The agreement encompasses the business complexes of Piaggio Aero Industries and Piaggio Aviation, both operating under the Piaggio Aerospace brand. The deal was executed by Piaggio Aerospace's Extraordinary Commissioners Carmelo Cosentino, Vincenzo Nicastro, and Gianpaolo Davide Rossetti, with the legal assistance of BonelliErede law firm. On the Turkish side, Baykar's CEO Haluk Bayraktar signed the agreement, with support from the Gianni Origoni law firm.

The transaction is anticipated to be finalized in the spring, contingent upon several conditions, including authorization from the Italian Presidency of the Council of Ministers. Additionally, consultations with trade union representatives are scheduled in the upcoming weeks. Baykar is also expected to present its strategy for revitalizing the business complexes of the two Italian companies.

In 2023, Baykar achieved a prominent position among Turkey's top 10 exporters across all sectors, with exports amounting to $1.8 billion. The company has significantly relied on international markets, generating over 90% of its revenue from exports. Baykar has supplied Bayraktar TB2 and AKINCI unmanned combat aerial vehicles to 35 countries, showcasing its global reach and influence in the aerospace industry.