Commissioners managing the Italian firm, which builds and supports aircraft and engines for the private sector and the military, chose Baykar out of three international bidders, Italy's ministry of enterprise said.
Baykar's offer was considered "the most suitable to guarantee the interests of the employees and creditors of Piaggio Aero and Piaggio Aviation and to relaunch the group's industrial prospects", it said in a statement.
No figure for the sale was given.
"After six years of waiting we are giving a future to Piaggio Aerospace, a strategic asset for our country," Enterprise Minister Adolfo Urso said in the statement.
The deal will safeguard jobs and provide a "long-term production perspective", he added.
Baykar said that "with this acquisition, Baykar is set to expand its influence in the European aviation market while preserving Piaggio's historical legacy and enhancing its production capacity".
It also did not mention any financial terms.
Piaggio is particularly known for its P.180 Avanti business jets, which are also used by the Italian military.
It was placed under administration because of financial difficulties but the ministry said it had maintained full operations throughout the last six years.
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