Airbus Group and French aerospace company Safran have finalised a deal to combine their space launchers activities.

The new deal will create the Airbus Safran Launchers joint venture (JV), which will have nearly 8,400 employees in France and Germany.

Safran will pay €750m to Airbus in order to own a 50% stake in Airbus Safran Launchers.

Airbus Safran Launchers has already been managing launcher activities and associated equity stakes, and the agreement will see the JV officially integrate its parent companies’ related assets and subsidiaries.

"With the closing of this agreement, Airbus Safran Launchers becomes fully operational."

The three core businesses of the company are aerospace, defence and security.

Airbus Group CEO Tom Enders said: "With the closing of this agreement, Airbus Safran Launchers becomes fully operational and will focus all its efforts on delivering more competitive solutions to its customers.

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"Top of the list is the next-generation Ariane 6 launcher, which is due to have its maiden flight as early as 2020."

In 2014, both Airbus and Safran begun their strategic plan to reshape the launcher industry in Europe and better serve French, German and European strategic interests.

Airbus Safran Launchers currently leads a group that includes 11 subsidiaries and affiliates, including Arianespace, Eurockot, Eurocryospace and Starsem.

Last August, the European Space Agency (ESA) selected Airbus Safran Launchers as the principal contractor with the new development of the Ariane 6.