Leonardo, Thales and Airbus sign agreement. From shareholdings to objectives, this is the new alliance
Airbus will hold 35 per cent of the new entity, while Leonardo and Thales will each have 32.5 per cent. Joint control and balanced governance between the three partners. The CEOs: 'Fundamental step taken'
Key points
Leonardo, Airbus and Thales finally come to terms on the space alliance. After a long discussion, the three groups have signed a memorandum of understanding (MoU) to unify their respective activities in the sector. The signing comes in the note released before the opening of the stock exchange.
The three biggies emphasise that, with this move, they aim 'to join forces to consolidate Europe's strategic autonomy in space, a crucial sector that supports critical infrastructure and services in the fields of telecommunications, global navigation, Earth observation, scientific research, exploration and national security'.The objectives of the new alliance
The path to the final goal will not be short, but the objectives of the new company, which wants to become a trusted partner for the development and implementation of strategic space programmes at national level, are clear. And all this, the three groups explain, will be achieved through the combination, development and implementation of a complete portfolio of complementary technologies and integrated end-to-end solutions, ranging from space infrastructure to services (excluding launchers).
Cingolani's success
For the CEO of Leonardo, Roberto Cingolani, it is confirmation of what he has been saying for some time: on their own, the industries of the Old Continent have a limited horizon for manoeuvre. It is no coincidence that, in the communiqué accompanying the go-ahead for the preliminary agreement, it is emphasised that the company will 'accelerate innovation in this strategic market, with the aim of creating an integrated and resilient European player with the necessary critical mass to compete globally and exploit the opportunities for growth in international markets'. The union of the space activities of the three groups will obviously serve to unify and strengthen investment in future products and services, but it will also generate benefits for the three companies.
Synergies of several hundred million euros are expected
There are no definitive figures yet, of course, but Leonardo, Thales and Airbus estimate, from the union, 'synergies totalling several hundred million euros per year on the operating result from the fifth year following the signing of the agreement'. As for the associated costs, 'they will be in line with the sector's benchmarks'. Not to mention that the project will boost revenues thanks to the possibility for the merged entity to have an expanded product portfolio. Ergo: a more competitive offer capable of competing with fierce international competition.
