Investing.com — Italian authorities have given approval for Turkey’s Baykar Makina Sanayi ve Ticaret Anonim Sirketi to acquire Piaggio Aerospace, an aviation and defense company. The Industry Ministry granted the authorization to Baykar, a specialist in unmanned aerial vehicles, according to an official statement. The statement did not disclose the financial details of the transaction.

The sale of Piaggio Aerospace, previously known as Piaggio Aero Industries SpA, attracted three binding offers. The company specializes in designing and constructing aircraft and aeronautical engines for both military and civil applications. It has been on the market for an extended period.

Piaggio Aerospace has been under state-supervised insolvency proceedings since 2018, a status that is typically reserved for larger companies. Currently, the firm is composed of two entities under administration, Piaggio Aero and Piaggio Aviation. The company was previously owned by Mubadala Investment Company, based in Abu Dhabi.

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