Airbus-Safran JV agrees to buy French space agency’s stake in Arianespace

June 17 (SeeNews) – Airbus Safran Launchers (ASL), a joint venture of Airbus Group (EPA:AIR) and high-tech group Safran (EPA:SAF), and the French state have signed an agreement to transfer the stake of the French space agency CNES in satellite company Arianespace to ASL.

Upon closing of the deal, which is pending consultation with employees and regulatory approval, ASL will own 74% of Arianespace.

According to information obtained by La Tribune daily, ASL will pay EUR 90 million (USD 101.3m) to buy the 34.68% holding of CNES and could disburse up to EUR 135 million under an earn-out clause of the deal.

The acquisition is part of a three-step strategy adopted by Airbus and Safran last year. The initiative envisaged the creation of a joint company in the military space launchers sector (Airbus Safran Launchers), development of the new Ariane 6 launcher system in a move to render it more competitive and flexible, and introduction of a new model of management of European launcher programmes, Airbus said.

The group expects to close the transaction within months.

(EUR 1 = USD 1.126)

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