Textron To But Electric Aircraft Maker Pipistrel For Undisclosed Terms

(RTTNews) - Textron Inc. (TXT), a multi-industry company owning Cessna, Beechcraft, and Bell aviation brands, announced Thursday that it has entered into an agreement to purchase electrically powered aircraft maker Pipistrel, based in Slovenia and Italy. The financial terms of the deal were not disclosed.

The transaction is expected to close during the second quarter of 2022, subject to customary closing conditions, including regulatory approvals.

Upon closing of the deal, Textron plans to form a new business segment, Textron eAviation, focused on the development of sustainable aircraft, which will include Pipistrel.

In 2020, Pipistrel's Velis Electro became the world's first, and currently only, electric aircraft to receive full-type European Aviation Safety Agency or EASA certification.

Textron expects Pipistrel to have access to greater resources, technical and regulatory expertise and a global aircraft sales and support network, enabling it to accelerate its development and certification of electric and hybrid electric aircraft.

Following the deal, Pipistrel founder and CEO Ivo Boscarol will remain a minority shareholder as well as Chairman Emeritus, consulting on future product plans and strategies for a two-year period.