Eutelsat Group has strategically entered into a put option agreement with the EQT Infrastructure VI fund (EQT) to transition its passive ground infrastructure assets into a new, independent company. The agreement stipulates that EQT will hold an 80% stake in the new entity while Eutelsat will retain a 20% share as a long-term shareholder, anchor tenant, and partner.
The newly formed company is poised to become the world’s largest operator-neutral ground station-as-a-service provider, combining satellite-specific expertise with top-tier infrastructure service operations to deliver outstanding customer service. As part of the deal, Eutelsat will establish a long-term master service agreement with the new entity, ensuring seamless service quality for its operations.
Valued at an enterprise worth US$790 million, the new entity boasts favourable EBITDA-Capex and EV/EBITDA multiples. This strategic move is expected to transfer future maintenance capital expenditures to the new company, empowering Eutelsat to fortify its financial position and focus on advancing its next-generation multi-orbit fleet.
Eva Berneke, the Chief Executive Officer of Eutelsat Group, expressed her pride in embarking on this innovative transaction, highlighting the potential to optimize the value of the company’s extensive ground network. She emphasized that partnering with EQT aligns with the company’s vision and is expected to bring mutual benefits, enabling Eutelsat to bolster its financial profile while maintaining its ground infrastructure’s exceptional quality and reliability.
Carl Sjölund, Partner at the EQT Value-Add Infrastructure advisory team, underscored the significance of satellite ground stations in ensuring global connectivity and expressed delight in partnering with Eutelsat Group to create a ground station leader and capture growth opportunities fueled by technological innovation.
The completion of the transaction is contingent upon customary conditions precedent, including approval by relevant regulatory authorities, consultation with French security authorities, and engagement with appropriate employee representative bodies. The deal is expected to close in the first quarter of 2026.
