Textron has completed the previously announced acquisition of Slovenia-based electric aircraft manufacturer Pipistrel for a cash consideration of approximately $235m (€218m).

The deal was first announced in March this year.

According to the deal, Pipistrel’s founder and CEO Ivo Boscarol will hold a 10% stake in the company for two years and will advise on future product plans and strategies.

The purchase price includes the amount for which his minority interest will be purchased at the end of the two-year period.

Textron chairman and CEO Scott Donnelly said: “Pipistrel has already achieved what many other companies only aspire to – certifying and delivering highly regarded electric aircraft to customers around the world.

“We are excited to accelerate Pipistrel’s development and to welcome its talented people into our organisation, where we will pool expertise to make Textron a world leader in sustainable aircraft for a wide range of missions.”

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Established in 1989, Pipistrel is engaged in the production of gliders and light aircraft that are available in both electric and combustion engine formats.

Its Velis Electro variant is said to be the world’s first electric aircraft that has obtained full type certification from the European Union Aviation Safety Agency (EASA).

With the completion of the deal, Pipistrel will now be part of Textron’s newest business segment called Textron eAviation.

Pipistrel can now access technical and regulatory expertise, as well as global aircraft sales and support network, which will support its development and certification of electric and hybrid-electric aircraft.

It will continue to operate as an independent business entity within Textron, together with its established Cessna, Beechcraft, and Bell brands.

Pipistrel further added that its headquarters, research and development, and manufacturing will remain in Slovenia and Italy.

Going forward, Textron plans to further expand the manufacturing and product development capabilities of the production facilities by making additional investments.