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31 Oct 2025

"Freshfields Advises Leonardo, Airbus, and Thales on Strategic Partnership to Create Leading European Space Company"

"Freshfields advised Leonardo, a global industrial group specializing in Aerospace, Defense, and Security, on signing a Memorandum of Understanding (MoU) with Thales and Airbus. The agreement aims to consolidate their space activities into a new joint venture to strengthen Europe's autonomy in the strategic space sector. The new company, jointly owned by Airbus (35%), Leonardo (32.5%), and Thales (32.5%), will employ around 25,000 people across Europe, with an estimated annual revenue of €6.5 billion by the end of 2024. Freshfields provided legal expertise across multiple jurisdictions for this significant collaboration."

Freshfields Bruckhaus Deringer advised Leonardo, an international industrial group and a leading global player in the Aerospace, Defense, and Security (AD&S) sectors, on the signing of a Memorandum of Understanding (MoU) with Thales and Airbus. The MoU aims to consolidate their space activities into a new joint venture. The transaction involves the creation of a new company jointly owned by Airbus (35%), Leonardo (32.5%), and Thales (32.5%), operating under joint control with balanced governance among the shareholders. The new entity will employ approximately 25,000 people across Europe and is expected to become a globally competitive player with an estimated annual revenue of €6.5 billion (pro forma, end of 2024) and an order book representing over three years of revenue. The venture will strengthen Europe's autonomy in the strategic space sector, supporting infrastructure and services (excluding launchers) in telecommunications, satellite navigation, Earth observation, science, space exploration, and national security. The Freshfields team was coordinated from Paris by Guillemette Burgala (partner), with Arnaud Mouton (counsel) and Sarah Emile (associate), and from Milan by Nicola Asti (partner) and Giulio Politi (senior associate), focusing on corporate aspects. Vincent Daniel-Mayeur (partner) and Julia Videau (senior associate) advised on transactional tax matters. Gwen Senlanne (partner) and Célia Kirren (senior associate) provided expertise on employment law. Pascal Cuche (partner), Tanguy Bardet (counsel), and Léa Hirschi (associate) handled public law aspects. Additionally, a multi-jurisdictional Freshfields team from Brussels, Düsseldorf, London, Madrid, and Munich contributed to the transaction.
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