Eurazeo has made its second investment as a private equity firm by taking over France Télécom's 23% stake in Eutelsat, the French satellite operator, for €447m ($484m).

The deal, which also signals the end to Eutelsat's flotation plans, follows Patrick Sayer's appointment as chief executive last March. His remit was to refocus Eurazeo from a passive holding company to a buy-out firm. In December, the business acquired Fraikin, a French truck rental group, from Fiat for €800m. It has since looked at a number of transactions, losing out on battles to buy Elis, Vivendi Universal's publishing division and KPN's Yellow Pages.