Piaggio Aerospace: 19 Expressions of Interest submitted
Upon expiration of the deadline, May 29 nineteen Expressions of Interest (EOI) have been received - accompanied by the large documentation required- for the purchase of the business complexes of Piaggio Aero Industries and Piaggio Aviation. Both companies are currently under extraordinary administration and operating under the Piaggio Aerospace brand.
“EOIs were submitted from all over the world”, says Mr Nicastro, the Extraordinary Commissioner, “in particular from North America, Europe and the Far East. This confirms the interest in the Group and its growth potential, although some possibly interested parties could have been discouraged by the current pandemic”.
According to Mr Nicastro- who will soon examine the files to assess their eligibility to the tender- most of the applicants are interested in the whole Group.
Those showing the necessary requirements will then be allowed access to the data room in order to assess the value of Piaggio Aerospace and, if their interest is confirmed, submit their binding offers. Afterwards, the buyer will be finally selected.
As Mr. Nicastro often underlined, the main goal is finding a new owner for the whole Company by the end of the year.
After the recently signed long-term agreement with the Italian Ministry of Defence for the support of the P.180 air fleet of the Armed Forces, Piaggio Aerospace shows up to its potential buyers with a €640 million order book. Additional orders are under negotiation for further €260 million. It is therefore expected that the total amount will reach €900 million.