Airbus , Leonardo and Thales announced Thursday that they will combine their satellite and space activities to form a "leading European player in space," as the region looks for a homegrown rival to Elon Musk's Starlink.

The companies — each a heavyweight in the aerospace and defense sector in their own right — said the joint venture would develop and build, "a comprehensive portfolio of complementary technologies and end-to-end solutions, from space infrastructure to services." The development of space launchers will be excluded from the new company's operations.

The combined entity is expected to generate mid-triple-digit million euros in annual synergies on operating income within five years of closing, and it's set to employ 25,000 people across Europe.

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