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Europe’s Airbus, Thales, Leonardo Near Satellite Merger to Rival Starlink

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Europe’s leading aerospace groups Airbus, Thales, and Leonardo are finalizing a long-awaited merger of their satellite manufacturing operations, aimed at creating a continental space champion capable of competing with Elon Musk’s Starlink, people familiar with the talks told Reuters.

While the official announcement, initially expected Wednesday, was delayed by legal and financial fine-tuning, insiders said the deal remains on track, with only minor details causing the hold-up. “The announcement is ready,” said one source. “It’s industrially, technically, and financially complicated, but the framework is intact.”

Under the plan — known internally as “Projet Bromo” — the three companies will combine their satellite assets into a joint holding company, each owning roughly one-third after balancing payments. The new entity will require up to two years to finalize, pending regulatory approval, and could face scrutiny from EU competition authorities that previously blocked similar ventures.

The merger would make the group the largest global manufacturer of geostationary satellites, overtaking Maxar, Northrop Grumman, and Lockheed Martin, according to data from Quilty Space. However, analysts note that the geostationary satellite market has been shrinking due to the rise of low-Earth orbit constellations, led by SpaceX’s Starlink and Amazon’s Project Kuiper.

“Europe had a commanding lead in geostationary satellite manufacturing,” said Caleb Henry, research director at Quilty Space. “But this market has shrunk considerably in the face of these new titans of industry.”

The merger is seen as a strategic lifeline for Europe’s fragmented satellite industry, which has struggled to stay competitive amid rapid shifts in global space technology and soaring demand for low-orbit broadband systems.

Although corporate governance details — such as who will chair or lead the merged group — remain unsettled, sources said all three companies are committed to cooperation, driven by falling market share and rising losses in their satellite divisions.

If completed, the merger would mark the most significant consolidation in Europe’s aerospace industry in decades, signaling a coordinated effort to reclaim technological leadership in the new era of commercial space.

Leonardo Acquires 24.55% Stake in Finland’s SSH to Bolster Cybersecurity, Marking Progress in European Defence Integration

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Italy’s defence giant Leonardo will acquire a 24.55% stake in Finnish cybersecurity firm SSH Communications Security, the companies announced Tuesday, marking a significant step in Europe’s efforts to deepen defence cooperation and consolidate its security industry.

With this deal, Leonardo becomes SSH’s largest shareholder, underscoring the growing importance of cybersecurity in multi-domain defence systems. Leonardo, known for its aerospace and defence platforms, views cyber capabilities as critical components of modern warfare, particularly as systems become increasingly interconnected.

SSH CEO Rami Raulas emphasized that the Western defence sector is shifting from national protectionism to international collaboration, noting Leonardo’s investment as part of a broader movement toward shared capabilities and joint ventures across borders. He also cited the BAE-Japan-Leonardo partnership for a next-generation combat jet as an example of this trend.

Raulas added that a growing European sentiment of “Europeans for Europe”—spurred in part by concerns over U.S. foreign policy under Donald Trump—is encouraging intra-European defence partnerships, reducing reliance on American investments.

Leonardo, which posted €18 billion ($21.2 billion) in revenue in 2024, expects its cybersecurity segment to achieve double-digit growth in the coming years. “Cybersecurity will increasingly be embedded into defence platforms and will become a core component of global security solutions,” said Giuseppe Panizzardi, Leonardo’s head of M&A, during a conference call.

The agreement involves €20 million worth of newly issued SSH shares purchased by Leonardo. Upon completion, Accendo Capital, previously SSH’s largest investor, will hold a 20.87% stake.

SSH is recognized for its quantum-safe encryption and Zero Trust architecture—an approach that assumes all users and devices could be threats unless verified. Leonardo said the deal supports the formation of a “Made in Europe” Zero Trust ecosystem, aligning with the EU’s ambitions for digital sovereignty and homegrown cybersecurity infrastructure.

Italy’s Leonardo to Acquire European Cybersecurity Firm Amid Sector Expansion

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Leonardo (LDOF.MI), Italy’s state-controlled aerospace and defense giant, is preparing to announce the acquisition of a European cybersecurity company, according to comments made Tuesday by Chairman Stefano Pontecorvo in an interview with Reuters.

While Pontecorvo did not disclose the identity of the target firm or specify a closing timeline, he emphasized the strategic importance of the deal. “Cybersecurity is an essential component in so-called multi-domain warfare, where everything is connected with everything,” he said. “Connections must be secure so that the enemy cannot use parts of a system.”

The move aligns with Leonardo’s broader strategy to consolidate and grow its cybersecurity operations, which the company sees as a critical pillar in modern defense architecture.

Back in October, CEO Roberto Cingolani confirmed the group was exploring multiple acquisition targets—both in Italy and abroad—adding that no deal would exceed 15% of the division’s annual turnover. He also projected double-digit growth for Leonardo’s cybersecurity segment in the years ahead.

Speaking at the Paris Airshow, Pontecorvo also signaled that the evolving and increasingly complex nature of cyber threats would likely encourage more collaborations across the defense and tech sectors, as the demand for specialized cybersecurity solutions grows.

The upcoming acquisition is expected to strengthen Leonardo’s positioning within European defense networks, as the continent accelerates digital and military integration in response to rising geopolitical tensions.