White & Case Advises Banks on Eutelsat's €1.5 Billion Capital Increase

White & Case advised the banks in Eutelsat Communications’ approximately €1.5 billion capital increase, notably advising Goldman Sachs Bank Europe SE in its role as placement agent and the banking syndicate led by BNP Paribas, Crédit Agricole CIB, Goldman Sachs Bank Europe SE, Natixis and Société Générale, with Intesa Sanpaolo S.p.A. acting as co-bookrunner. The transaction aims to finance Eutelsat’s 2026–2029 investment plan and to support the acceleration of its low Earth orbit (LEO) activities and the future IRIS² constellation while strengthening financial flexibility through accelerated debt reduction. The total operation amounts to approximately €1.5 billion. The operation comprises reserved capital increases with a gross amount of approximately €828 million executed on 21 November 2025 and subscribed by the French State, Bharti Space Ltd, the UK Government, CMA CGM and the Fonds Stratégique de Participations. This was followed by a capital increase with retention of subscription rights launched on 25 November 2025 for a gross amount of approximately €670 million. The French State, Bharti Space Ltd, the UK Government, CMA CGM and the Fonds Stratégique de Participations committed to participate in the rights offering pro rata to their holdings in the company, representing in total approximately 70.87% of the issue. Settlement-delivery was scheduled for 16 December 2025. Eutelsat Communications’ shares are admitted to trading on Euronext Paris and on the London Stock Exchange. White & Case represented the banks and Goldman Sachs Bank Europe SE with a team composed by: Thomas Le Vert, partner (Paris, capital markets); Tatiana Uskova, partner (Paris, capital markets); Paul-Grégoire Longrois, associate (capital markets); Eva Brunelli Brondex, associate (capital markets); Max Turner, partner (US law aspects); Alexandre Ippolito, partner (tax); and Claire Sardet, associate (tax). The White & Case London office also advised on English law aspects.

White & Case Advises Banks on Eutelsat's €1.5 Billion Capital Increase

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