LONDON — (AP) — The three companies building a next generation fighter jet for the U.K., Italy and Japan revealed Friday that they are forming a joint venture to deliver the aircraft.

Under the agreement, Britain's BAE Systems, Italy's Leonardo and Japan Aircraft Industrial Enhancement will each own a third of the new joint venture, which will be subject to regulatory approvals.

“This agreement is the result of an intensive journey made possible by pooling our mutual and shared experiences," said Roberto Cingolani, Leonardo's chief executive.

The headquarters for the Global Combat Air Programme, or GCAP, will be the U.K., but operations will take place in each of the partner nations. Under the terms of the agreement, the first chief executive will come from Italy.

“The new business will bring together the significant strengths and expertise of the companies involved to create an innovative organization that will lead the way in developing a next generation combat air system, creating long-term, high value and skilled jobs across the partner nations for decades to come," said Charles Woodburn, BAE Systems' chief executive.

The triangular-shaped jets will have supersonic capability and cutting-edge technology. Pilots will be able to use virtual reality in the aircraft’s digital cockpit, with vital information displayed directly in front of them.

The aim is that they will take to the skies by 2035.

Kimito Nakae, president of JAIEC, acknowledged that the way ahead “might not always be simple and straightforward,” but that "through continuing the strong spirit of trilateral cooperation and collaboration that we have fostered up to this point, we will not only deliver the GCAP on time but also at a level that exceeds all of our expectations.”

Copyright 2024 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission.