Bredin Prat advises Eutelsat in connection with its contemplated €1.35 billion share capital increase

Bredin Prat is advising Eutelsat, the leading satellite operator in France, in connection with its contemplated €1.35 billion share capital increase.

The contemplated capital increase is in line with the group’s transformation strategy, and aims to strengthen its position on the global market of satellite telecommunications, combining its Geostationary Earth Orbit (GEO) and Low Earth Orbit (LEO) networks.

Coupled with a debt refinancing plan, the capital increase will reinforce the group’s financial flexibility, accelerate its deleveraging and support investment in its existing LEO constellation.

Capital will be raised in two phases: a reserved capital increase of €716 million at a price per share of €4 (+32% premium to the 30-day VWAP of the shares) and a €634 million rights issue. Both these phases are expected to be completed by the end of 2025.

The capital increase and the rights issue are supported by the French State through its investment entity, the Agence des Participations de l’État (APE), and by Bharti Space Limited, CMA CGM and Fonds Stratégique de Participations (FSP).

The contemplated transaction remains subject to customary regulatory approvals, as well as shareholder approval; an Extraordinary General Meeting will be held at the end of Q3 2025.

The Bredin Prat team advising Eutelsat includes:

• Capital markets: Olivier Saba (partner), Douceline Chabord (counsel) and Thierry Nkiliyehe
• Corporate: Benjamin Kanovitch (partner), Caroline Bellot, Lucie Nicolas and Camille Le Dantec
• Financing: Karine Sultan (partner) and Jessim Djama
• Tax law: Anne Robert (partner) and Margaux Faudemer
• Competition: Olivier Billard (partner) and Yohann Chevalier (counsel