Baykar's Strategic Acquisition of Piaggio Aerospace
ROME (Reuters) - Turkish drone maker Baykar has bought Italian aircraft producer Piaggio Aerospace, Italy's industry ministry said on Friday, without disclosing financial details.
Piaggio Aerospace - unconnected to Vespa scooters maker Piaggio - had been under government-controlled special administration since filing for protection from creditors in 2018.
In a statement, the ministry said Baykar's offer for the company had been preferred over two other final and binding bids from international players.
It was deemed the "most suited to guarantee the interests of workers and creditors (of Piaggio Aerospace) and relaunch the group's industrial prospects", the ministry said.
Baykar pledged to maintain and expand the production of aircraft and related technical support, training and logistics activities, as well as engine maintenance and engine component manufacturing, the statement added.
(Reporting by Alvise Armellini, editing by Gianluca Semeraro)
