<span>HISTORY: European aerospace groups have presented an initial agreement to group their loss-making satellite manufacturing activities.</span><span>They will combine forces after months of negotiations to counter the runaway growth of rivals led by Elon Musk’s Starlink.</span><span>The long-awaited agreement between Airbus, Thales and Leonardo aims to forge a new company from 2027.</span><span>Although it is subject to approval by European regulators who have resisted such measures in the past.</span><span>The new anonymous entity will employ 25,000 people across Europe.</span><span>And the companies said they expect annual revenue of more than $7.5 billion based on last year’s figures.</span><span>Its statement added that Airbus will own 35% of the company, while Thales and Leonardo will each have 32.5%.</span><span>But it would operate under joint control “with a balanced governance structure.”</span><span>Europe’s leading satellite manufacturers have long competed to build complex spacecraft in geostationary orbit.</span><span>But they have been affected by the arrival of small, cheap satellites in low Earth orbit.</span>
