Global law firm Freshfields assisted Leonardo in the signing of a memorandum of understanding with Thales and Airbus for the creation of a European leader in the space sector.

With the signing of the memorandum of understanding, Leonardo, Airbus, and Thales aim to join forces to strengthen Europe’s strategic autonomy in the space sector — a crucial sector supporting critical infrastructure and services in telecommunications, global navigation, Earth observation, scientific research, exploration, and national security. The new company — that will be jointly owned by Airbus (35%), Leonardo (32.5%), and Thales (32.5%) and operating under joint control with balanced governance among shareholders — will employ approximately 25,000 people across Europe and will be a globally competitive player, with an estimated annual revenue of around €6.5 billion (pro forma, end of 2024) and an order backlog equivalent to more than three years of expected revenues.

Freshfields’ pan-European multidisciplinary team was coordinated by our Italian and French offices led by Partners Nicola Asti and Guillemette Burgala, Counsel Arnaud Mouton and Senior Associate Giulio Politi, supported by Associates Elena Martegiani, Sarah Emile and Ludovico Goglino, and trainees Edoardo Pesenti and Matteo Piccione for corporate and M&A.

Partner Gian Luca Zampa, Counsel Giorgio Candeloro and Associates Samuel Scandola and Francesco Tognato advised on the antitrust and FDI aspects. Partner Vicent Daniel Mayeur and Senior Associate Julia Videau advised on the tax structuring aspects. Partners Luca Capone and Gwen Senlanne, Senior Associate Mara Ruberto and Célia Kirren, and Associate Vincenzo Finocchiaro provided labor law advice. Partner Francesco Lombardo, with Senior Associates Andrea Giaretta and Francesca Misciasci advised on the finance aspects. Partner Federico Mercuri and Senior Associates Umberto Parmigiani and Maddalena Iovinella advised on the litigation aspects. Counsel Nico Moravia and Senior Associate Stefania Guarino handled the administrative law aspects.

The team further included colleagues from the following jurisdictions:

Germany: Partners Barbara Keil, Thomas Granetzny and Verena Nosch, Counsel Matin Rehberg, Principal Associate Manuel Jaeger and Associates Philipp Schneider, Giulia Zöller and Samuel Schulze.

UK: Partners Richard Lister and Alon Gordon, Senior Associate Toby Halford and Associates Emmanuel Bandoh, Francesca Teng and Magdalen Christie, and trainee associate Danial Zulfiqar.

Spain: Partners David Franco and Raquel Florez, Counsel Carla Gomez and Associate Sara Moukayed.

Belgium: Partner Vincent Macq and Associates Julien Creytens and Guillaume Nelis.