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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.
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.
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.
The 2025 capital increase was led by the French government, which committed to acting as an anchor customer for Eutelsat’s OneWeb services.
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.
Eutelsat completed a €1.5 billion capital raise in 2025 to help reduce its debt load.
Eutelsat planned a €550 million sale of its satellite ground infrastructure to a fund managed by Stockholm-based EQT Group.
Eutelsat expects its Net Debt to EBITDA for FY 2025-26 to increase from 2.5 times to 2.7 times.
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.
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 signed a contract with Airbus Defence and Space for 340 additional OneWeb satellites.
EQT entered negotiations in August 2024 to purchase a majority stake in Eutelsat’s ground infrastructure.
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.
Eutelsat confirmed on 29 January that the transaction would not proceed because all conditions precedent were not satisfied.
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 concluded that Eutelsat's ground segment is "obviously strategic" and blocked the sale of that ground segment to Sweden's EQT Group.
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.