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Satellite and Broadcasting
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As agreed by both parties, SES is set to acquire Intelsat through the purchase of 100% of Intelsat Holdings’ equity for a cash consideration of USD 3.1 billion (EUR 2.8 billion).

Once unified, the entity will forge a stronger, multi-orbit satellite operator that will amplify coverage, bolster resiliency, broaden its array of solutions, empower profitable innovation investments, and leverage the collective talent, expertise, and track record of both companies.

"In a fast-moving and competitive satellite communication industry, this transaction expands our multi-orbit space network, spectrum portfolio, ground infrastructure around the world, go-to-market capabilities, managed service solutions, and financial profile," said SES CEO, Adel Al-Saleh.

Going forward, the combined entity will provide customers with a more competitive portfolio of solutions with end-to-end offerings in the government and mobility segments, along with value-added, efficient, and reliable offerings for fixed data and media customers.

“By combining our financial strength and world-class team with that of SES, we create a more competitive, growth-oriented solutions provider in an industry going through disruptive change. The combined company will be positioned to meet customers’ needs around the world and exceed their expectations,” remarked Intelsat CEO, David Wajsgras.

Improved Financial and Operational Profile

The implied Enterprise Value of the transaction is set at USD 5 billion (EUR 4.6 billion). By integrating the two companies, SES expects to deliver synergies with a total net present value (NPV) of EUR 2.4 billion, with around 70% of this value expected to be realized within three years after the transaction is completed.

With a combined fleet of more than 100 GEO and 26 MEO satellites, the combined SES will benefit from enhanced coverage, greater network resiliency, complementary spectrum (C-, Ku-, Ka-, Military Ka-, X-band, and Ultra High Frequency) rights, and improved service delivery utilizing an expanded network of ground segment assets.

SES said 60% of the combined group's revenue would come from "high growth segments" and based on the 2024 financial outlook, the combined company is expected to generate approximately USD 3.8 billion in annual revenue.

Following SES’ acquisition of Intelsat, a satellite consultancy firm commented that the combined entity is poised to be “the world’s largest satellite company in terms of revenue, and could dominate the market, leveraging its extensive resources and expertise to shape the future of satellite communications and deliver on new use cases.”

The boards of both satellite companies unanimously approved the transaction, which they expect to close in the second half of 2025 due to pending approval from regulators.

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