It can be interpreted as "gravitation force acting as centripetal force".
Remember that a satellite in orbit around Earth must have variations for its velocity vector (in this case its direction must vary), and to change any element of velocity vector you need acceleration, thus force.
If you have no force acting on the satellite, it would go away from the Earth (as it has non zero velocity relative to Earth, it would go in the direction of velocity), thus you need a force that "pulls" the satellite, and this is the centripetal force which makes satellite's velocity change direction.
If the satellite has velocity
, mass
and distance
from Earth,
then a centripetal force
is required to "pull" the satellite. The only force acting between Earth and satellite is gravitational attraction, thus
gravitational force= centripetal force=
is required.