Eutelsat is a leading satellite operator and the world's first integrated GEO-LEO satellite operator, formed in 2023 through the combination of Eutelsat and OneWeb. With a fleet of 34 geostationary satellites and a LEO constellation of over 600 satellites, the company provides global services for video broadcasting, broadband, data connectivity, and government communications. Eutelsat also delivers services for maritime and in-flight mobility, offering solutions like the Eutelsat Advance platform for high-end connectivity and digital platforms for broadcasters. Associated keywords include satellite communications, GEO-LEO infrastructure, and broadcast services.
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The non-completion of the transaction has no impact on Eutelsat’s Financial Objectives for FY 2025–26 except for Net Debt to EBITDA, which is now expected to stand at around 2.7 times at the end of the financial year versus 2.5 times previously.
The net proceeds attributable to Eutelsat from the proposed transaction would have been in the region of €550 million (≈$650 million).
The negative annualized impact on Eutelsat’s adjusted EBITDA associated with the service agreement entered into with the prospective buyer amounted to €75–80 million (≈$89–94 million).
The non-completion of the transaction does not affect Eutelsat’s ability to fund the capital expenditure related to its strategic growth trajectory.
Eutelsat now expects an EBITDA margin for FY 2028–29 in the region of 65% versus approximately 60% previously.
The transaction to dispose of Eutelsat’s passive ground segment infrastructure assets to private equity investor EQT Infrastructure VI will not proceed because all conditions precedent were not satisfied.
Eutelsat’s strategic growth trajectory includes expanding its OneWeb constellation after signing a contract with Airbus Defence and Space for 340 additional OneWeb satellites.
The French Ministry of the Economy, Finance and Industrial and Digital Sovereignty blocked Eutelsat’s planned sale of its satellite ground infrastructure for €550 million to a fund managed by EQT Group based in Stockholm.
Eutelsat is a French satellite communications operator headquartered in Paris.
Under the proposed agreement EQT would have held an 80% stake in the new company while Eutelsat would have retained a 20% stake and committed to a long-term service contract as a key customer.
On January 29, Eutelsat confirmed that the transaction would not proceed because not all conditions precedent had been met.
EQT initiated negotiations in August 2024 to acquire a majority stake in Eutelsat’s satellite ground infrastructure.
Roland Lescure described Eutelsat’s ground antennas as strategic infrastructure for civilian communications and for the French armed forces and framed the decision as protecting national sovereignty.
Roland Lescure decided not to authorize the sale of Eutelsat’s ground antennas.
Eutelsat stated that the failed sale will not affect its financial objectives for fiscal year 2025-26 nor its ability to finance capital investments tied to its strategic growth trajectory.
Eutelsat signed a contract with Airbus Defence and Space for 340 additional OneWeb satellites.
Eutelsat completed a €1.5 billion capital raise in 2025 to help reduce its debt load.
Eutelsat expects its Net Debt to EBITDA for FY 2025-26 to increase from 2.5 times to 2.7 times.
Eutelsat confirmed on 29 January that the transaction would not proceed because all conditions precedent were not satisfied.
Eutelsat will forgo €550 million in upfront proceeds from the failed sale while avoiding an expected €75 million to €80 million per-year cost from the anticipated service agreement.