Aerospace giant Airbus has hired Goldman Sachs to advise it on forming a European space and satellite company to compete with Elon Musk’s dominant SpaceX, according to Bloomberg News.

Discussions are in an early stage to create the company with support from French aerospace company Thales and Italy’s Leonardo. The range of services for the venture hasn’t been determined, adds Bloomberg.

Leonardo itself has hired Bank of America for its position in the possible venture, which has been named Project Bromo, some of the people said. Thales is speaking with advisers.

Airbus and Thales Alenia already have joint ventures to make products for satellites and space telecommunications.

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Categories: Articles, Satellite

Tags: Airbus, spacex