"Leonardo, Thales, and Airbus Join Forces to Establish European Space Leader"

**Press Release Summary** Freshfields Bruckhaus Deringer assisted Leonardo in the signing of a memorandum of understanding with Thales and Airbus to create a European leader in the space sector. The memorandum of understanding aims for Leonardo, Airbus, and Thales to join forces to strengthen Europe's strategic autonomy in space, a crucial sector that supports critical infrastructure and services in telecommunications, global navigation, Earth observation, scientific research, exploration, and national security. The new company will have shared ownership among Airbus (35%), Leonardo (32.5%), and Thales (32.5%) and will operate under joint control with balanced governance among the shareholders. It is expected to employ approximately 25,000 people across Europe and become a competitive global player with an annual revenue of around €6.5 billion (pro forma, by the end of 2024) and a backlog of orders amounting to more than three years of projected revenues. The legal team at Leonardo was coordinated by General Counsel Federico Bonaiuto, assisted by Walter Perrotta (SVP M&A and Corporate Affairs), Paolo A. Calabresi (VP M&A and Antitrust), and Federico Tedesco (Senior Legal Counsel M&A and Antitrust). Freshfields provided assistance to Leonardo during the negotiation of agreements, structuring of the transaction, and due diligence aspects with a pan-European multidisciplinary team led by partners Nicola Asti and Guillemette Burgala (Paris), along with Senior Associate Giulio Politi and Counsel Arnaud Mouton (Paris). They were supported by Associate Elena Martegiani and Associates Ludovico Goglino, Edoardo Pesenti, and Matteo Piccione for corporate and M&A aspects. Antitrust and FDI matters were handled by Partner Gian Luca Zampa, Counsel Giorgio Candeloro, and Associates Samuel Scandola and Francesco Tognato. Partner Luca Capone, Senior Associate Mara Ruberto, and Associate Vincenzo Finocchiaro provided labor law advice. Financial aspects during due diligence were overseen by Partner Francesco Lombardo, Senior Associates Andrea Giaretta and Francesca Misciasci, while litigation matters were managed by Partner Federico Mercuri, Senior Associate Umberto Parmigiani, and Maddalena Iovinella. Counsel Nico Moravia and Senior Associate Stefania Guarino assisted with administrative law issues.

"Leonardo, Thales, and Airbus Join Forces to Establish European Space Leader"

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