Sun, Jul 30, 2023
Italian Aircraft Marque’s Facilities to Change Hands
The sale of business complexes belonging to Piaggio Aero Industries and Piaggio Aviation—the two companies operating under the Piaggio Aerospace brand and currently engaged in extraordinary receivership proceedings—has entered a new phase.
The company’s Extraordinary Commissioners have announced the firms agreed to the due diligence phase of 13 subjects among the 18 who had expressed interest in acquiring the aforementioned assets, thereby granting such access to critical company data.
Piaggio Aerospace’s Commissioners Carmelo Cosentino, Vincenzo Nicastro, and Gianpaolo Davide Rossetti disclosed no names, but set forth assurances that interested parties comprise “first-level companies or consortia mainly with an industrial background, with an interest in buying the company in its entirety and mostly based in Italy or Europe.”
Potential buyers will have until the end of August to access data germane to the Piaggio Aero Industries and Piaggio Aviation complexes and assess—among numerous additional metrics—the respected market-values and earning-potentials of such.
Upon completion of the due diligence phase, binding offers will be solicited. "We are starting this new phase of the procedure in full compliance with the original timetable", commented the Commissioners, adding: "We are aiming at having a name to propose to the Ministry of Enterprises and Made in Italy in the autumn and sign a preliminary, binding deal by the end of the year".
The opening of the current phase of the sale of the Piaggio Aero Industries and Piaggio Aviation business complexes was announced by the formerly-named Extraordinary Commissioners on 10 May 2023. The deadline for the presentation of new expressions of interest expired on 19 June.
The Commissioners stated: "We’ll proceed expeditiously and without exceptions of any kind, aiming at identifying a new owner who, in addition to recognizing the fair value of the Group, will be able to propose a long-term strategy, safeguarding the company’s brand, competencies and employment.”
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