EU lines up fast-track approval for Project Bromo, the Airbus–Thales–Leonardo answer to SpaceX

What's the deal? The European Commission is working toward fast-track antitrust approval for Project Bromo, the joint venture that will combine the satellite and space businesses of Airbus, Thales and Leonardo, Bloomberg reported on 15 October. The venture is pitched as Europe's answer to SpaceX. After a year of pre-notification talks aimed at flagging and resolving competition concerns, officials expect the companies to file formally in the coming weeks. A smooth case could be cleared in a phase 1 review of just over a month if the partners offer remedies such as asset sales.

The latest: On 22 October Leonardo chief executive Lorenzo Mariani confirmed the three partners will submit their dossier to the Commission "in the coming weeks". He said they are in talks with Brussels "to avoid lengthy debates on remedies", are examining possible remedies but not yet proposing any, and are targeting approval by the end of 2027.

What's being combined? Under the October 2025 memorandum of understanding, Airbus contributes its Space Systems and Space Digital businesses, Leonardo its Space Division including its stakes in Telespazio and Thales Alenia Space, and Thales mainly its stakes in Thales Alenia Space, Telespazio and Thales SESO. The Toulouse-based company would have about 25,000 employees, roughly €6.5 billion in annual revenue (2024 pro forma) and more than three years of sales in backlog. Airbus would own 35%, and Leonardo and Thales 32.5% each, under joint control. The partners expect mid-hundreds of millions of euros in annual operating synergies five years after closing.

Why it matters: Bromo is the most ambitious tie-up of European aerospace assets since missile maker MBDA was formed in 2001, and one of the first tests of the EU's revised, more champion-friendly approach to mergers. Commission President Ursula von der Leyen has praised it as a European champion, while competition chief Teresa Ribera has warned approval will not be automatic, and unions and suppliers have raised concerns about jobs and competition. The venture aims to reduce Europe's dependence on US satellite providers, including Elon Musk's SpaceX.

Read more: Bloomberg · Investing.com via Yahoo Finance · Il Sole 24 Ore · Airbus, Leonardo and Thales MoU · Reuters

Image: Airbus