Airbus (EU:AIR), Leonardo (BIT:LDO) and Thales (EU:HO) have signed a Memorandum of Understanding to merge their space operations into a single joint venture, which is expected to become operational in 2027.
As part of the agreement, Leonardo will contribute its entire Space Division, including its 67% stake in Telespazio and its 33% stake in Thales Alenia Space. Telespazio, which is fully consolidated, is currently profitable, while Thales Alenia Space, which is equity accounted, is loss-making.
On a pro forma basis, the new entity would have generated €6.5 billion in revenue in 2024. Profitability figures were not disclosed, but the companies indicated margins remain low. Leonardo will hold a 32.5% stake in the new company, which is expected to be equity consolidated.
The three partners estimate the combination will deliver approximately €500 million in annual operating income synergies within five years of closing — representing a potential 4–5% increase in Leonardo’s expected 2023 EBITA.
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