Italy's Leonardo doesn't rule out mergers to grow space business, executive says
MILAN, Oct 15 (Reuters) -Italy's Leonardo LDOF.MI is not ruling out possible acquisitions and joint ventures to grow in the space industry, key to the company's strategy, a company top executive told Reuters.
"We are observing and looking around with attention, and do not exclude collaborating, partnering up with companies or picking up M&A opportunities," said Massimo Comparini, managing director of Leonardo's Space Business Unit, adding that there was particular interest in the sectors of digital, artificial intelligence and quantum telecoms.
In its 2024-28 industrial plan, Leonardo said it would leverage opportunities in space, a sector it sees as pivotal for the defence industry in the coming years.
Chief Executive Roberto Cingolani recently said the group's space division would be a "massive operation" and a specific strategy would be drawn up by the end of the year.
Asked about recent talks between Leonardo and France's Airbus AIR.PA and Thales TCFP.PA on a joint strategy for the space sector, Comparini said "if there is scope for becoming more competitive, we will see," without elaborating.
The state-controlled group has two joint ventures with Thales, Thales Alenia Space (TAS) and Telespazio, the latter now fully consolidated into Leonardo.
"In all these years Italian space ventures have grown a lot so I see these (joint ventures) as important and positive examples," said Comparini, a former TAS CEO.
"Whatever we will do will be with the intent of further accelerating growth in the space industry," he added, noting that it comes at a time of rising competition in the industry, from billionaires like Elon Musk and Jeff Bezos and large capital injections by investment funds.
In 2023, space activities in Leonardo generated just under 4% of the company's annual core profit.
Reporting by Giulia Segreti
Editing by Bernadette Baum
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