Airbus Group SE and Safran have signed an agreement for the second and final phase of their 50/50 joint venture, Airbus Safran Launchers.

Both companies will contribute to the current joint program with industrial assets dealing with civil space launchers and military launchers.

Closing of the deal is expected in the second quarter of 2016 after completion of the remaining corporate and other formalities. Financial details of the transaction will be communicated at closing.

Under the first phase of the JV, Airbus Group and Safran created a joint programme company with their respective civil programme contracts and major participations related to civil launcher activities.

In this second and final phase, industrial assets and military launchers will be integrated in the joint-venture. Airbus Safran Launchers will be a fully fledged operational company.

Airbus Safran Launchers will employ around 8,000 staff and provide competitive solutions based on a family of versatile, high-performance, cost-competitive launchers that meet the needs of both government and commercial customers. This deal will ensure the success of the European space launcher business in the face of growing international competition.