Airbus, Leonardo and Thales have signed a memorandum of understanding (MoU) that aims to create one of the largest space companies in Europe.
The joint venture aims to unite and enhance the three companies' capabilities across satellite and space systems manufacturing and services.
The new company could be operational in 2027, subject to regulatory approvals and satisfaction of other closing conditions.
“By joining forces, we aim to strengthen Europe’s strategic autonomy in space, a major sector that underpins critical infrastructure and services related to telecommunications, global navigation, earth observation, science, exploration and national security,” they said in a statement.
“This new company also intends to serve as the trusted partner for developing and implementing national sovereign space programmes.”
The joint venture will pool, build and develop a comprehensive portfolio of complementary technologies and end-to-end solutions, from space infrastructure to services (excluding space launchers).
It aims to accelerate innovation in order to create a unified, integrated and resilient European space player, with the critical mass to compete globally and grow on the export markets.
Under the agreement, Airbus will contribute its Space Systems and Space Digital businesses, coming from Airbus Defence and Space.
Leonardo will contribute with its Space Division, including its shares in Telespazio and Thales Alenia Space.
Thales will mainly contribute with its shares in Thales Alenia Space, Telespazio, and Thales SESO.
The combined entity will employ around 25,000 people across Europe. With an annual turnover of about €6.5bn (end of 2024, pro-forma) and an order backlog representing more than three years of projected sales, the new company will form a “robust, innovative and competitive” entity worldwide.
Ownership of the new company will be shared among the parent companies, with Airbus, Leonardo and Thales owning 35%, 32.5% and 32.5% stakes respectively.
It will operate under joint control, with a balanced governance structure among shareholders.