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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Goldman Sachs downgraded Eutelsat from Neutral to Sell in February 2025, referencing competitive pressures, a $3.47 billion debt load, and execution risks related to OneWeb and Eutelsat’s involvement in the SpaceRISE consortium for the European Union’s IRIS2 constellation.
Eutelsat planned a €550 million sale of its satellite ground infrastructure to a fund managed by Stockholm-based EQT Group.
Eutelsat expects the failed sale to have no impact on its Financial Objectives for FY 2025-26 and to not affect its ability to fund capital expenditure related to its strategic growth trajectory.
The 2025 capital increase was led by the French government, which committed to acting as an anchor customer for Eutelsat’s OneWeb services.
EQT entered negotiations in August 2024 to purchase a majority stake in Eutelsat’s ground infrastructure.
French Minister of the Economy, Finance, and Industrial and Digital Sovereignty Roland Lescure did not authorize the sale of Eutelsat’s ground antennas on the basis that the antennas are strategic infrastructure for civilian communications and the armed forces and to protect national sovereignty.
EQT would hold an 80% stake in the new ground infrastructure company while Eutelsat would retain a 20% share and commit to a long-term service agreement as an anchor customer.
The French government increased its ownership stake in Eutelsat.
EQT Group is a Sweden-based private equity firm that sought to acquire Eutelsat's ground segment.
Eutelsat's ground segment was the asset targeted for sale to EQT Group.
The French government concluded that Eutelsat's ground segment is "obviously strategic" and blocked the sale of that ground segment to Sweden's EQT Group.
Eutelsat canceled the deal to sell its ground segment infrastructure to private equity firm EQT Infrastructure VI after not all conditions to complete the deal were satisfied.
Eutelsat expected the transaction to take until 2026 to close because of the regulatory process.
Eutelsat operates the Skylogic Mediterraneo teleport in Sardinia.
Eutelsat would have received 550 million euros from the transaction with EQT Infrastructure VI.
Under the planned joint venture, Eutelsat would have owned 20% and EQT would have owned 80% of the ground-segment business.
The non-completion of the transaction increases Eutelsat’s net debt to EBITDA ratio from 2.5 times to 2.7 times.
The non-completion of the transaction does not affect Eutelsat’s fiscal year 2025-26 financial objectives.
The non-completion of the transaction does not affect Eutelsat’s ability to fund capital expenditure related to its strategic growth trajectory.
Post-transaction Eutelsat would have spent between 75 million and 80 million euros per year on a service agreement with the joint-venture company.