Guillaume Faury

Well, we just signed the Memorandum of Understanding with Thales and Leonardo to create that European player that is able to or will be able to compete at scale on the global competitive landscape.

So that's really good.

We are not only willing to compete with SpaceX and Starlink.

Obviously, that's important.

A big player and a fast-moving player, but we are serving many other needs, including defense in Europe and across the world.

That creates a company that has the potential to be very competitive, to serve the interests and the needs of the European players and more global players, as I said.

We have to go through the regulatory process to the antitrust.

That's something that is now ahead of us.

Well, I think Europe has moved forward as well, understanding that it needs to be able to compete globally.

And we hope that we will be supported for what we're doing.

We have to demonstrate compliance with the European regulations and other regulations.

We're starting that work now.