Paris-based satellite operator Eutelsat is seeking permission from the European Commission to extend the June 30 deadline for the company to hold an initial public stock offering (IPO). Eutelsat CFO Charles Hindson told SATELLITE TODAY that the company’s planned sale of more than 30 percent of its ownership may well fulfill the commission’s intent. Holding an IPO is not a formal “legal requirement,” he argued.

Eighteen months ago, private equity investors purchased 20 percent of Eutelsat’s shares previously held by Telecom Italia [NYSE: TI]. A deal is expected to close soon for Deutsche Telekom [NYSE: DT] to sell its 11 percent stake in the former intergovernmental organization, Hindson said. The completion of the sale of Deutsche Telekom’s stake would allow Eutelsat to approach the commission to see if the private equity sales would satisfy the IPO obligation.