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A new twist in the story of the auction for the assets of Piaggio Aero Industries and Piaggio Aviation, both in extraordinary administration, active under the Piaggio Aerospace brand and backed by Mubadala, a sovereign fund of the Abu Dhabi government.
The second call for tenders, launched in less than a year by the extraordinary commissioner Vincenzo Nicastro, last July brought to the table the offers of the Swedish fund Summa Equity, in consortium with a group of co-investors, and of the Indian Greran Family Office (see here a previous article by BeBeez), but, according to what reported over the weekend by Il Secolo XIX, Summa Equity, which had filed a binding offer expiring on 1 August, decided not to extend it further, while remains valid the one received by the Italian-Indian magnate Randeep Singh Grewal, head of the Greran Family Office.
According to what was reconstructed by the newspaper, Il Secolo XIX, the commissioner management then relaunched the possibility of making new binding offers, but this time Summa Equity judged it uninteresting to proceed with the relaunch, given the continuous expansion of time. On the other hand, the Swedish fund has been around for more than a year.
We recall that last November 2021 the first hypothesis of assignment of assets to the consortium led by Summa Equity had disappeared, because the Italian Ministry of Economic Development had not considered the offer exactly in line with the regulations of the call (see here a previous article by BeBeez), after having granted the consortium the exclusive right to negotiate, which then expired in September 2021 (see here a previous article by BeBeez). At that time Summa had joined forces with Heart Aviation, a Norwegian scaleup that is developing a fully electric 19-seat aircraft, financed by Breakthrough Energy Ventures, United Airlines, Mesa Air Group and EQT Ventures; the Ligurian companies Phase Motion Control (operating in Sestri Ponente in areas previously owned by Piaggio and which produces, after having designed them, hybrid and electric components and engines) and AgTech, a company active for 20 years in the field of aeronautical engineering.
Asked by Il Secolo XIX, Mr. Grewal, now the only potential investor left in the game, confirmed his interest in buying Piaggio: “We have presented a binding offer in accordance with the rules. We want to invest in a successful, sustainable future. long term, of Piaggio and its workforce “.