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- Europe firms agree satellite merger to counter Starlink</p>
<p>By Giulia Segreti and Tim HepherOctober 23, 2025 at 7:16 AM</p>
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<p>1 / 3FILE PHOTO: Illustration shows Leonardo logoFILE PHOTO: Leonardo logo is seen in this illustration taken July 26, 2025. REUTERS/Dado Ruvic/Illustration/File Photo</p>
<p>By Giulia Segreti and Tim Hepher</p>
<p>ROME/PARIS (Reuters) -European aerospace groups unveiled a preliminary deal on Thursday to pool their loss-making satellite manufacturing activities, combining forces after months of negotiations to counter the runaway growth of rivals led by Elon Musk's Starlink.</p>
<p>The keenly awaited deal between Airbus, Thales and Leonardo would create a new venture starting from 2027, subject to approval by European regulators who have resisted such moves in the past.</p>
<p>The combined entity would employ around 25,000 people across Europe, the companies said in a statement. It would have an annual turnover of about 6.5 billion euros ($7.58 billion), based on 2024 figures.</p>
<p>Airbus would hold 35% of the new venture, while Thales and Leonardo would each hold 32.5%, the statement said, adding it would operate under joint control, "with a balanced governance structure among shareholders".</p>
<p>($1 = 0.8575 euros)</p>
<p>(Reporting by Giulia Segreti in Rome and Tim Hepher in Paris, editing by Alvise Armellini)</p>
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