Global law firm Freshfields is advising BAE Systems plc on its strategic business joint venture with Leonardo and Japan Aircraft Industrial Enhancement Co Ltd (“JAIEC”) to form a new company to deliver the next generation combat aircraft under the Global Combat Air Programme (“GCAP”). The joint venture builds on the trilateral government, defence, and industrial cooperation between the UK, Japan, and Italy on GCAP since it was established in December 2022.  The new joint venture will be accountable for the design, development and delivery of the next generation combat aircraft (targeting a 2035 aircraft in-service date) and will remain the design authority for GCAP for the life of the product, which is expected to go out beyond 2070. BAE Systems, Leonardo, and JAIEC will each hold a 33.3% shareholding in the new joint venture, the incorporation of which is subject to regulatory approvals. The new joint venture will have operations and joint teams working in each of the partner nations. It will be headquartered in the UK, to ensure alignment and collaboration with the GCAP International Government Organisation (“GIGO”) which will also be headquartered in the UK. GCAP is a significant programme and, through effective knowledge and technology transfer, it will help to evolve and deliver important sovereign combat air capability in each nation. The Freshfields team advising BAE Systems includes partners Piers Prichard Jones, Giles Pratt and Alex Potter; senior associates Lucy Cliff and Zofia Aszendorf; and associates Yoel Gordon, Remony Vials, Jaymie Younger, Alastair Milne and Charlie Bouchier.