Europe just built a space “prime.” The moat is standards, not scale

Europe has finally done what many in the industry said was inevitable. On Thursday, October 23 (Pacific), Airbus, Thales and Leonardo said they will fold major satellite manufacturing and services units into a single company—code-named Project Bromo—with operations targeted to begin in 2027, pending approval. The new group would bring together Thales Alenia Space, Telespazio, selected Airbus Space & Digital assets, Leonardo’s remaining space units and Thales SESO, creating a Toulouse-based champion with about 25,000 staff and €6.5 billion in annual revenue (based on 2024 figures). The share split: Airbus 35%, Thales 32.5%, Leonardo 32.5%. Management expects “mid–triple-digit” millions of euros in synergies starting about five years after close.

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