EQT acquires 80% of Eutelsat’s ground station business for EUR 790 million

EQT has announced that the EQT Infrastructure VI (“EQT”) fund has entered into exclusive negotiations to acquire a majority stake in the Ground Station Infrastructure Business (or “the Ground Station Business”) of the Eutelsat Group. EQT would own 80% of the capital, while the Eutelsat Group would remain committed with a 20% stake as a long-term shareholder, anchor tenant and partner of the new company. The proposed transaction values ​​the new company at an enterprise value of EUR 790 million.

The Ground Station Business is a global infrastructure platform with a large, existing network of satellite ground stations and significant investment potential. Satellite ground stations enable data transmission between the Earth and orbiting satellites. They play an increasingly important role in global telecommunications, helping to enable reliable and cost-effective connectivity for billions of people around the world who live outside the coverage of fixed and mobile connectivity solutions.

The satellite industry is experiencing a dynamic phase. The well-established geostationary orbit satellite segment provides a solid foundation for further investment in new growth areas. In particular, the development of satellite constellations in non-geostationary orbits and the associated new connectivity applications are likely to attract significant investment as launch costs have fallen significantly. The continued deployment of satellites is likely to lead to strong demand for existing and new ground station infrastructure in the coming decade.

The transaction would involve the spin-off of passive assets such as land, buildings, supporting infrastructure, antennas and interconnectors and the creation of a new company that would have a separate legal personality and be renamed upon completion of the transaction. The headquarters would remain in France. The Ground Station business benefits from a solid financial profile and a strong position in the satellite value chain due to its high-quality global asset base. Upon completion of the transaction, Eutelsat would enter into a long-term Master Service Agreement (MSA) with the Ground Station business and become an anchor tenant.

EQT would support the ground station business in its goal of becoming the global independent leader in the ground station segment of the satellite industry. This would require continued investment in upgrading and building new sites, particularly for antennas in low Earth orbit, as well as pursuing inorganic growth opportunities in the vast and fragmented global ground station market. It would be the latest transaction by EQT Infrastructure in France, which has also acquired Trescal, a calibration services company, and Ocea Group, a heat meter infrastructure provider, over the past 24 months.

At EQT, we recognized 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 extensive global expertise in developing and operating telecom infrastructure companies. We are excited to work with Eutelsat Group to build a leading ground station provider and capitalize on the growth opportunities presented by technological innovation.

Carl Sjölund, Partner in the EQT Value-Add Infrastructure Advisory Team

We are proud to be the first satellite operator to enter into this innovative transaction, which would allow us to build on the model established in other industries and 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 be a win-win for all parties and would enable Eutelsat to strengthen its financial profile while continuing to rely on the unparalleled quality and reliability of its ground infrastructure. In addition, we are confident that with EQT’s support, the company would be able to fully exploit the opportunities presented to it as the new global leader in this dynamic sector.

Eva Berneke, CEO of Eutelsat Group

The transaction is subject to customary regulatory approvals and consultations with the French safety authorities and relevant employee representatives. The transaction is expected to close in the first quarter of 2026.

EQT was advised by Rothschild (M&A), BCG (trading, IT & carve-out), A&O Shearman (M&A advisory), Paul Weiss (financing advisory), KPMG (finance & tax) and NovaSpace (technology).

With this transaction, EQT Infrastructure VI is expected to be invested at 45-50 percent based on the target fund size (including completed and/or signed investments, announced public offerings, if applicable, and less any expected syndication).