(MENAFN) Piaggio Aerospace, the Italian aviation giant, has signed a preliminary contract with Baykar, Türkiye's leading unmanned aerial vehicle (UAV) manufacturer, for the transfer of its business complexes. The agreement involves the two companies operating under the Piaggio Aerospace brand: Piaggio Aero Industries and Piaggio Aviation. Baykar, known for its expertise in developing UAV systems and advanced aerospace technologies, will take over these assets.

The transaction was authorized by the Italian Ministry of Enterprises and Made in Italy on December 27, 2024, and the deal was finalized by the Extraordinary Commissioners of Piaggio Aerospace and Baykar's CEO, Haluk Bayraktar. Legal assistance for the contract was provided by two law firms: BonelliErede for Piaggio Aerospace and Gianni & Origoni for Baykar. The closing of the deal is anticipated in spring, contingent on meeting several conditions, including approval from the Italian Presidency of the Council of Ministers.

As part of the process, Baykar plans to consult with trade union representatives in the coming weeks. The Turkish company will also unveil its plan for revitalizing the two Italian companies' business operations. Baykar, a prominent player in Türkiye's defense and aerospace sector, is expected to play a key role in the future of these businesses.

In 2023, Baykar became one of the top 10 exporters in Türkiye, with exports amounting to USD1.8 billion. The company has increasingly relied on international sales, with more than 90 percent of its revenue generated from exports, including delivering Bayraktar UAVs to 35 countries.

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