18 Expressions of Interest Received for Piaggio Aerospace Purchase

In Italy, the government-appointed extraordinary commissioners have disclosed that they have received 18 expressions of interest (EOIs) for the acquisition of Piaggio Aero Industries and Piaggio Aviation, both falling under the umbrella group of Piaggio Aerospace. The companies are currently under extraordinary administration.

The commissioners, Carmelo Cosentino, Vincenzo Nicastro, and Gianpaolo Davide Rossetti, expressed optimism about the response from the market, with prominent business parties being among the majority of EOI submitters. This reaffirms the attention and interest in a national strategic Company with significant potential, especially in the realm of sustainable mobility.

While half of the EOIs came from businesses with Italian headquarters, there has also been substantial interest from entities in Europe, North America, and the Far East. Most of these parties are keen on acquiring the entirety of both companies’ assets.

The deadline for submitting the necessary documents was on June 19, 2023, at 6 pm CEST. The commissioners will now carefully review the received documents and select the qualified parties to proceed with the bidding process.

Selected parties will gain access to the data room to assess the value of Piaggio Aerospace and potentially submit binding offers. Ultimately, the commissioners aim to finalize the sale to a new owner by the end of the year, prioritizing the company’s prospective continuity and stability.

Piaggio Aerospace’s order portfolio stands at €556 million ($ 610 million), with a backlog of 17 units for P.180 Avanti EVO. The company anticipates breaking even by the end of 2023.