Commission européenne, DG COMP MERGER REGISTRY, 1049 Bruxelles, BELGIQUE  
Europese Commissie, DG COMP MERGER REGISTRY, 1049 Brussel,  BELGIË  
 
Tel: +32 229- 91111. Fax: +32 229 -64301. E -mail: COMP -MERGER -REGISTRY@ec.europa.eu.  
  EUROPEAN COMMISSION  
Brussels, 02.12.2020 
C(2020)  8710 final  
PUBLIC VERSION 
To the  notifying parties  
Subject : Case M. 9892 – LEONARDO / THALES / VSB 
Commission  decision pursuant to Article 6(1)(b) of Council Regulation 
(EC) No  139/20041 and Article 57 of the Agreement on the European 
Economic Area2  
Dear Sir or Madam,  
1. On 30 October  2020, the European Commission received notification of a proposed 
conc entration pursuant to Article 4  of the Merger  Regulation by which Leonardo 
S.p.A. (‘ Leonardo’ , Italy) and Thales S.A. (‘Thales’, France) acquire within the 
meaning of Article 3(1)(b) and 3(4) of the Merger Regulation joint control of the 
whole of  Vitrocise t Space Business (‘VSB’, Italy) currently belonging to Vitrociset 
S.p.A. (‘Vitrociset’,  Italy) and controlled by Leonardo . The concentration is 
accomplished by way of purchase of shar es and assets.  
2. Following the implementation of the transaction, Leonardo and Thales will exercise 
joint control over VSB via their existing, jointly controlled, full -function joint 
venture,3 Telespazio S.p.A. The Transaction will entail a change of VSB’s g overnance 
structure, as VSB will shift from being subject to Leonardo’s exclusive control to 
being jointly controlled by both Leonardo and Thales via Telespazio S.p.A .4 
3. The activities of the undertakings concerned are:  
− Leonardo: aerospace, defence and secu rity, energy, communications, 
transportation and automation services at worldwide level.  
                                                 
1 OJ L 24, 29.1.2004, p. 1 ( the ‘Merger Regulation ’). With effect from 1 December 2009,  the Treaty on 
the Functioning of the European Union ( ‘TFEU ’) has introduced certain changes, such as the 
replacement of ‘ Community ’ by ‘Union ’ and ‘common market ’ by ‘internal market ’. The terminology 
of the TFEU will be used throughout this decision.  
2  OJ L 1, 3.1.1994, p.  3 (the ‘EEA Agreement ’). 
3  The Commission assessed the full -functionality of Telespazio and authorised the creation of the joint 
venture in case M.3680, Alcatel/Finmeccanica/Alcatel Alenia Space & Telespazio  and in case M.4403, 
Thales/Finmeccanica/Alcat el Alenia Space and Telespazio.  
4  Publication in the Official Journal of the European Union No C 383, 13.11.2020 , p. 10. 

2 − Thales: aerospace, space, ground transportation, defence and security, and digital 
identity services at worldwide level.  
− VSB: technical and engineering services, manufacturing, integration, operational 
management, maintenance, and logistics of ground systems for the management 
of space systems.  
4. After examination of the notification, the European Commission has concluded that 
the notified operation falls within the scope of the Merger  Regulation and of 
paragraph 6 of the Commission Notice on a simplified procedure for treatment of 
certain concentrations under Council Regulation (EC) No  139/2004.5 
5. For the reasons set out in the Notice on a simplified procedure, the European 
Commission has decided not to oppose the notified operation and to declare it 
compatible with the internal market and with the EEA Agreement. This decision is 
adopted in application of Article 6(1)(b) of the Merger  Regulation and Article 57 of 
the EEA Agreement . 
For the Commission  
 
 
(Signed)  
Olivier GUERSENT  
Director -General  
                                                 
5  OJ C 366, 14.12.2013, p. 5.