Global law firm White & Case LLP has advised the banks on a €1.5 billion capital increase by Eutelsat Communications (Eutelsat), a global leader in satellite communications, to finance its 2026-2029 investment plan.
The transaction includes reserved capital increases for a gross amount of approximately €828 million, completed on November 21, 2025 and subscribed by the French State, Bharti Space Ltd, the UK government, CMA CGM and the Fonds Stratégique de Participations, followed by a capital increase with preferential subscription rights for a gross amount of approximately €670 million, launched on November 25, 2025.
The French State, Bharti Space Ltd, the UK government, CMA CGM and the Fonds Stratégique de Participations each committed to subscribe to the capital increase with preferential subscription rights pro-rated to their respective shareholding in Eutelsat, together representing approximately 70.87 percent of the issue, which settlement and delivery is expected to take place on December 16, 2025.
White & Case advised Goldman Sachs Bank Europe SE as placement agent in relation to the reserved capital increases, and a banking syndicate related to the capital increase with preferential subscription rights that was led by BNP Paribas, Crédit Agricole Corporate and Investment Bank, Goldman Sachs Bank Europe SE, Natixis and Société Générale as global coordinators, joint lead managers and joint bookrunners, with Intesa Sanpaolo S.p.A. as joint bookrunner.
The transactions form part of the strategic roadmap presented in June 2025 by Eutelsat, aimed at accelerating the deployment of its low Earth orbit (LEO) satellite activities and supporting the future IRIS2 constellation, while strengthening its financial flexibility by accelerating its debt reduction.
Eutelsat Communications' shares are admitted to trading on the regulated market of Euronext Paris and on the London Stock Exchange.
The White & Case team which advised on the transaction was led by partner Thomas Le Vert and Tatiana Uskova (both Paris) and included partners Max Turner, Alexandre Ippolito (both Paris) and Inigo Esteve (London) and associates Paul-Grégoire Longrois, Eva Brunelli Brondex and Claire Sardet (all Paris).
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