The Ground Station Business is a global infrastructure platform with an extensive footprint of satellite ground stations, poised for further investment. These stations are essential for transmitting data between Earth and orbiting satellites, enabling reliable and cost-effective connectivity for billions, particularly in areas lacking fixed or mobile coverage.
The satellite sector is experiencing significant transformation. The well-established Geostationary Earth Orbit satellite segment provides a stable foundation, while new investments are increasingly directed towards non-geostationary satellite constellations, driven by lower launch costs. This shift is expected to create substantial demand for both existing and new ground station infrastructure over the coming decade.
The transaction would result in the creation of a new company, which will be rebranded after the deal closes, with its headquarters remaining in France. The new entity will manage passive assets including land, buildings, support infrastructure, antennas, and connectivity circuits. Eutelsat will enter into a long-term master service agreement (MSA) with the Ground Station Business, becoming its anchor tenant.
EQT plans to support the Ground Station Business in becoming the leading independent global player in the satellite ground station sector. This includes investments in upgrading and expanding existing sites, particularly for Low Earth Orbit antennas, and pursuing growth opportunities across the fragmented global market. The move aligns with EQT Infrastructure's recent investments in France, including the acquisitions of Trescal, a calibration services provider, and Ocea Group, a heat submetering infrastructure firm.
Carl Sjolund, Partner within the EQT Value-Add Infrastructure advisory team, stated, "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 approvals, consultations with French security authorities, and discussions with employee representative bodies. It is expected to close in Q1 2026.
EQT's advisors for the transaction include Rothschild (M&A), BCG (Commercial, IT and Carve-out), A&O Shearman (M&A Counsel), Paul Weiss (Financing Counsel), KPMG (Financial and Tax), and NovaSpace (Technical).
With this acquisition, EQT Infrastructure VI is expected to be 45-50 percent invested, including closed and signed investments, announced public offers, and any anticipated syndications.
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