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Bidding for sale of Piaggio Aerospace reopens

The bidding process for the sale of Piaggio Aerospace has been officially reopened by extraordinary commissioner, Vincenzo Nicastro.The sale will include both Piaggio Aero Industries and its subsidiary Piaggio Aviation.Nicastro said in a statement that a number of counter parties are still ongoing, but a long-term future for the company is what needs to be guaranteed."That why we are formally starting the sale process again," he continued. "But not from scratch: The preparatory work on the data room is already done, while we have set very tight deadlines for the due diligence and bid submission phases, in order to speed up the process as much as possible."Those interested in purchasing the company have until the end of February 2022 to submit their letters of interest.Piaggio, which began accepting bids for acquisition in 2018, received numerous bids that were then narrowed down to a single buyer last year. Those negotiations did not lead to a sale."The objective is selling Piaggio Aerospace in its entirety to a buyer who will be able to propose a solid plan for the relaunch and development of the company," said Nicastro.Piaggio ended 2021 with 152 million euros in revenue and currently has a 500 million euro backlog.
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