Eutelsat’s Skylogic Mediterraneo teleport in Sardinia. Credit: Eutelsat

Eutelsat has canceled the deal to sell its ground segment infrastructure to private equity firm EQT Infrastructure VI, disclosing on Thursday that not all conditions had been satisfied to complete the deal. 

Eutelsat would have earned 550 million euro ($658 million) from the transaction. Post-transaction, Eutelsat would have spent between 75 million to 80 million euros per year on a service agreement with the company. 

Eutelsat entered into the deal with EQT in August of 2024 to form a joint venture for its network of more than 70 teleports across France, Italy, Madeira, and Mexico, with Eutelsat owning 20% and EQT owning 80%. The joint venture was planned to act as an operator-neutral ground station as a service company. Eutelsat leadership had previously said it would take until 2026 for the deal to close because of the regulatory process. 

The satellite operator did not give a reason for exiting the deal, other than noting conditions had not been satisfied. 

Eutelsat said there is no impact to fiscal year 2025-26 financial objectives, but it does change the company’s net debt to EBITDA ratio from 2.5 times to 2.7 times. 

“The non-completion of the transaction does not affect Eutelsat’s ability to fund the capital expenditure related to its strategic growth trajectory,” Eutelsat said in a statement.