The contemplated transaction would consist in the carve-out of the passive assets (land, buildings, support infrastructure, antennas and connectivity circuits for the combined portfolio of teleports and SNPs) to form a new company which would be incorporated as a standalone legal entity. 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 alongside EQT.
The transaction remains subject to customary conditions precedent, in particular the approval by the relevant regulatory authorities as well as consultation with French security authorities and the appropriate employee representative bodies. Closing of the deal is expected in the first quarter of calendar year 2026.
De Pardieu’s team comprised Magali Masson (partner), and Cyrine Boussedra, Tiphanie Levassort, Edouard Verhoeven (associates) on the Corporate/M&A aspects, Philippe Rozec (partner) and Clodoald de Rincquesen (associate) on the Labor law aspects and Laetitia Gavoty (partner) on the Competition law aspects.
Other advisors:
Eutelsat:
• Banque Lazard: team led by Vincent Le Stradic
• Deloitte: Lisa Lauv, Leonardo Clavijo, Renaud Adam
• Deloitte Tax: Damien Foisy d’Angicourt, Olivier Venzal
• Baker McKenzie London (on the carve-out and regulatory aspects): Jo Hewitt, Collin Stich, Zeyang Gao, Charles Whitefoord, Michael Amberg, Katie Sewell
EQT:
• A&O Shearman (Romy Richter, partner, Julie Parent and Jules Lecoeur in M&A, and Tom Levine, partner, et Joyce Xu on the Telecom-related aspects)
• Rothschild
• KPMG
• BCG
• Simpson Thacher & Bartlett LLP, London