Sovereignty
The deal will not proceed, as all conditions have not been satisfied, says the company. However, a French minister – Roland Lescure – said he refused to authorise the deal. His objection was that the antennas are a strategic infrastructure, for both civilian and military communications.
It is “a clear decision to protect our sovereignty”, he said.
Net proceeds
Eutelsat’s statement said the net proceeds from the ground segment transaction would have been in the region of €550m.
“The non-completion of the transaction has no impact on financial objectives for FY 2025-26,” it added, however.
Ground segment
The parties were looking to carve out Eutelsat’s “passive assets”. For example, land, buildings, support infrastructure, antennas and connectivity circuits. They would form a new company – a standalone legal entity – of which private equity company EQT was to own 80% of the capital.
The plans was for Eutelsat Group to remain a long-term shareholder. In other words, an anchor tenant and partner of the new company, with a 20% holding.
It was back in August 2024 that Eutelsat began exclusive negotiations with EQT for the partial sale.
Image: Eutelsat’s ground station in Turin
