According to government-appointed extraordinary commissioners in Italy, 18 expressions of interest (EOIs) have been put forward for the purchase of Piaggio Aero Industries and Piaggio Aviation.
Both companies fall under the umbrella group of Piaggio Aerospace, which has been placed under extraordinary administration.
“The market is sending us encouraging signals. Most of the EOIs were submitted by prominent business parties,” said commissioners Carmelo Cosentino, Vincenzo Nicastro and Gianpaolo Davide Rossetti. “This acknowledges once again the attention for a national strategic Company with a significant potential, especially considering the latest developments on sustainable mobility.”
According to the commissioners, half of the EOIs were made by businesses with Italian headquarters, but other interested parties came from Europe, North America and the Far East.
Most of the parties confirmed their interest in buying the assets of both companies in their entirety.
The deadline to submit the requested documents expired on June 19, 2023, at 6pm CEST.
The extraordinary commissioners will now closely examine the documents received and decide which parties will be admitted to the bidding.
Those with the necessary requirements will then be given access to the data room in order for them to assess Piaggio Aerospace’s value and possibly submit binding offers.
At the final stage of the process, a purchaser will be selected.
The commissioners confirmed that the primary focus is urgently identifying a new owner, hopefully by the end of the year, that would be able to ensure the company’s prospective continuity and stability.
Piaggio Aerospace reportedly has a €556 million ($ 610 million) order portfolio, with a P.180 Avanti EVO backlog of 17 units. The company expects to break even at the end of 2023.
