Cinven announces the acquisition of an 11% stake in Eutelsat S.A.Cinven, the European private equity provider, today announces that it has acquired an 11% stake (“the Stake”) in Eutelsat S.A. (“Eutelsat”) for a consideration of €337 million. The stake has been acquired from DeaSat S.A. and authorised by the Board of Eutelsat.
With capacity commercialised on 24 satellites that provide coverage from North and South America to Far East Asia, Eutelsat is one of the world’s leading satellite operators. Eutelsat's satellites offer a broad portfolio of services that include television and radio broadcasting for the public, professional video broadcasting, corporate networks, Internet services and mobile communications. For the year ended 30 June 2004, Eutelsat reported revenues of €760.2 million, EBITDA of €598.9 million and net income of €269.8 million. The business is headquartered in Paris and employs 450 staff from 25 countries.
CSFB is providing the debt financing for the transaction.
Commenting on the acquisition of its stake, David Barker, partner of Cinven said today:
“We have been tracking Eutelsat’s progress for some time. With a leading position in its markets, strong cash flows and a highly experienced management team, Eutelsat is a highly attractive investment proposition and we look forward to working with the management team and other shareholders in taking the business forward.”