Piaggio Aerospace, 18 Expression of Interest submitted for the purchase of the Company
Piaggio Aerospace’s Extraordinary Commissioners have received 18 expressions of interest (EOIs) for the purchase of Piaggio Aero Industries and Piaggio Aviation, both operating under the Piaggio Aerospace brand and currently under extraordinary administration. The deadline to submit the requested documents expired yesterday, June 19, at 6pm CEST.
“The market is sending us encouraging signals”, said the Commissioners Mr Carmelo Cosentino, Mr Vincenzo Nicastro and Mr Gianpaolo Davide Rossetti. “Most of the EOI’s were submitted by prominent business parties. This acknowledges once again the attention for a national strategic Company with a significant potential, especially considering the latest developments on sustainable mobility”.
Many EOIs arrived from Europe and North America and some from the Far East. Notably, approximately half of the total number was submitted by businesses with Italian headquarters. Most of the parties confirmed their interest in buying the assets of both Companies in their entirety.
In the next few days, the Commissioners will 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 their binding offers. Lastly, the final purchaser will be selected.
The Commissioners confirmed that the primary focus is urgently identifying a new owner - hopefully by the end of the year - able to ensure the Company’s prospective continuity and stability.