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

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

The satellite industry is experiencing a dynamic period. The well-established Geostationary Earth Orbit satellite segment provides a strong foundation to support further investment in new growth areas. In particular, the development of satellite constellations in non-geostationary orbit and the emerging connectivity applications that they enable are expected to see substantial investment, brought on by significantly reduced launch costs. The continued deployment of satellites is expected to render strong demand for existing and new ground station infrastructure over the coming decade.

The transaction would carve out passive assets, including land, buildings, support infrastructure, antennas and connectivity circuits, to form a new company which would become a standalone legal entity and will be rebranded after closing of the transaction, with the headquarters to remain in France. The Ground Station Business benefits from a resilient financial profile and a robust position in the satellite value chain due to its high-quality global asset base. On completion of the transaction, Eutelsat would enter into a long-term framework master service agreement (MSA) with the Ground Station Business and become the anchor tenant.

EQT would support the Ground Station Business in its ambition to become the global independent leader in the ground station segment of the satellite industry. This would require continued investments in upgrading and building new sites, notably for Low Earth Orbit antennas, as well as pursuit of inorganic growth opportunities across the vast and fragmented global ground station market. It would be the latest transaction by EQT Infrastructure in France, which in the past 24 months has also acquired Trescal, a calibration services firm, and Ocea Group, a heat submetering infrastructure provider.

Carl Sjölund, Partner within the EQT Value-Add Infrastructure advisory team, said: "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 fueled by technological innovation." 

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."

The transaction is subject to customary regulatory conditions and approvals, as well as consultation with French security authorities and the appropriate employee representative bodies. It is expected to close in Q1 2026.

EQT was advised by Rothschild (M&A), BCG (Commercial, IT & Carve-out), A&O Shearman (M&A Counsel), Paul Weiss (Financing Counsel), KPMG (Financial & Tax), NovaSpace (Technical).

With this transaction, EQT Infrastructure VI is expected to be 45-50 percent invested (including closed and/or signed investments, announced public offers, if applicable, and less any expected syndication) based on target fund size.
Contact
EQT Press Office, press@eqtpartners.com

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