Eutelsat Group has signed a put option agreement with the EQT Infrastructure VI fund (EQT), marking a significant move toward carving out its passive ground infrastructure assets into a new, standalone company. The proposed transaction would see EQT holding an 80% stake in the newly formed entity, while Eutelsat would retain a 20% share, remaining a long-term shareholder, anchor tenant, and partner.
The new company, which will reportedly be the world’s largest operator-neutral ground station-as-a-service provider, will combine satellite-specific expertise with top-tier infrastructure service operations to deliver optimal customer service. Following the transaction, Eutelsat would enter into a long-term master service agreement with the new entity, ensuring uninterrupted service quality.
The new entity is valued at an enterprise worth of €790m, with favourable EBITDA-Capex and EV/EBITDA multiples. This strategic move is expected to shift future maintenance capital expenditure to the new company while allowing Eutelsat to reinforce its financial position and focus on advancing its next-generation multi-orbit fleet.
Eva Berneke, Chief Executive Officer of Eutelsat Group, said: “We are proud to become the first satellite operator to embark on this innovative transaction which would allow us to build on the model adopted in other industries, and to optimise the value of our extensive ground network. In EQT we have found a partner of the highest quality, who shares our vision. This transaction would represent a win-win situation for all parties, and would enable Eutelsat to strengthen its financial profile, whilst continuing to rely on the unparalleled quality and reliability of its ground infrastructure. Moreover, we are confident that with the backing of EQT, the business would be in a position to fully embrace the opportunities opening up to it as the new Global leader in this dynamic sector.”
Carl Sjölund, Partner within the EQT Value-Add Infrastructure advisory team, added: “At EQT, we identified satellite ground stations as an attractive digital infrastructure vertical several years ago. They play an important role in ensuring global connectivity, especially for those not covered by fixed and mobile connectivity solutions and require deep global expertise in developing and operating telecommunications infrastructure businesses. We are delighted to partner with Eutelsat Group to create a ground station leader and capture the growth opportunity fuelled by technological innovation.”
The transaction remains subject to customary conditions precedent, in particular the approval by the relevant regulatory authorities as well as consultation with French security authorities and the appropriate employee representative bodies. Closing of the deal is expected in the first quarter of calendar year 2026.
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