Abu Dhabi-based investment and development company Mubadala has become the majority shareholder in Piaggio Aero, the Italian manufacturer of the fast turboprop the Avanti II and the Hammerhead UAS.

Mubadala bought out the shares held by India’s Tata and has received formal Italian Government approval according to the “Golden Power” law. Mubadala now holds 98.05 per cent of the share capital of Piaggio Aero Industries and Piero Ferrari, on behalf of the Ferrari family, holds the remaining 1.95 per cent.

Mubadala has been a shareholder in Piaggio Aero since 2006. In 2013, it participated in a share capital increase which increased the equity of Piaggio Aero to support the restructuring and diversification plan focused on the development of existing core activities and new programmes in line with industry requirements.

Following the transfer, Piero Ferrari has stepped down as Chairman of the company and is succeeded by Alberto Galassi, who has been CEO of the business since 2009 and led the move to diversification into the defence and security sector, developing both the multi-role patrol aircraft and the P.1HH HammerHead unmanned aerial system.

The company also named Carlo Logli as the new CEO. Logli is currently the Chief Restructuring Officer of Piaggio and is the former CEO of SuperJet International.