BT offloads satellite stake

Telecoms giant British Telecom today announced the sale of its stake in one of the world’s largest satellite companies for £363m (€518.2m).

BT said it was offloading its 15.8% share in Eutelsat to GS Capital Partners as part of an ongoing strategy to dispose of its non-core assets.

It brings to $1bn (£530m / €756.4m) the amount made by the company through the sale of satellite assets in the last 12 months.

Paris-based Eutelsat is the world’s third largest satellite company. Its network of 24 satellites distribute services including television and radio broadcasting for private viewers, professional video broadcasting, internet and mobile communications.

It transmits more than 1,450 television channels to 110 million cable and satellite homes in Europe, Africa and the Middle East.

BT was one of the founding investors when the group was formed 25 years ago, and its stake was once 17.5%.

Over the past year, BT has also sold interests in three other satellite firms - Intelsat, New Skies and Inmarsat.

Today’s transaction depends on approval from the board of Eutelsat and is expected to be completed in the current financial year.

France Telecom and Deutsche Telekom have also sold their stakes in Eutelsat in the past two years.