Airbus and French aircraft and rocket-engine builder Safran have tidied up the financials in regard to their joint-venture to take over the design and production of Europe’s Ariane 5 and upcoming Ariane 6 rockets.

Safran came about with the merger between aircraft and aerospace company SNECMA and security business SAGEM in 2005.

Safran will pay €800 million ($1bn) in cash to secure an equal stake with Airbus in the new business, and which will be called Airbus Safran Launchers, and Safran will be an equal partner with Airbus.

The joint-venture will come into being towards the end of this year when the combined entity is expected to have also acquired the French government’s 34 per cent stake in Arianespace. The enterprise is expected to employ around 4500 people.

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