Piaggio Aerospace opens its data room to 13 new potential buyers
The sale process of the business complexes of Piaggio Aero Industries and Piaggio Aviation - the two companies in extraordinary receivership proceedings that operate under the Piaggio Aerospace brand - enters a new phase. The company’s Extraordinary Commissioners announced that they have admitted to the due diligence phase 13 subjects among the 18 who had expressed their interest, thus granting them access to data room of the Company.
Piaggio Aerospace’s Commissioners Carmelo Cosentino, Vincenzo Nicastro and Gianpaolo Davide Rossetti did not disclose any name but assured that among them there are “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 time until the end of August to access the data room to get the needed information on the business complexes of two companies and assess, among other things, their value and potential. Once the due diligence phase will be over, binding offers will be solicited. "We are starting this new phase of the procedure in full compliance with the original timetable", commented the Commissioners: "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 process for the sale of the Piaggio Aero Industries and Piaggio Aviation business complexes was announced by the Extraordinary Commissioners on May 10. The deadline for the presentation of new expressions of interest expired on June 19.
"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 ", the Commissioners said.