NEUILLY-SUR-SEINE (dpa-AFX) - Airbus SE (EADSY.PK, AIR.PA), Leonardo, and Thales S.A (THLEF.PK,TCFP.PA), aerospace and defense companies have signed a Memorandum of Understanding to combine their space activities into a new company expected to be operational in 2027.
The joint venture aims to strengthen Europe's strategic autonomy in space, a significant sector that bolsters critical infrastructure and services related to telecommunications, global navigation, earth observation, science, exploration and national security.
Guillaume Faury, CEO of Airbus, Roberto Cingolani, CEO and General Manager of Leonardo and Patrice Caine, Chairman & CEO of Thales, declared, 'This proposed new company marks a pivotal milestone for Europe's space industry. It embodies our shared vision to build a stronger and more competitive European presence in an increasingly dynamic global space market. By pooling our talent, resources, expertise and R&D capabilities, we aim to generate growth, accelerate innovation and deliver greater value to our customers and stakeholders. '
Excluding space launchers, this new firm will develop a comprehensive portfolio of technologies and end-to-end solutions, from space infrastructure to services.
The combined firm is expected to employ around 25,000 people across Europe, with an annual turnover of approximately 6.5 billion as of the end of 2024, on a pro-forma basis, and an order backlog representing more than three years of projected sales.
Five years after closing, the assemblage is expected to generate mid-triple-digit million euros of total annual benefits on operating income. The new firm is intended to serve as the trusted partner for developing and implementing national sovereign space programmes.
Upon conclusion of the transaction, Airbus will contribute from its Space Systems and Space Digital businesses, coming from Airbus Defence and Space. Leonardo, an Aerospace, Defence, and Security firm will contribute from 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.
In the Paris market, the AIR.PA shares were trading 0.63% higher at 207.10 euros.
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