European satellite giant SES to buy US rival Intelsat
by AFP Staff Writers
Paris (AFP) April 30, 2024

European telecommunications satellite operator SES said Tuesday it would acquire US rival Intelsat for $3.1 billion as competition for space-based internet service gathers pace.

The merger follows year-long talks for a deal and comes as tech billionaire Elon Musk already has his own constellation of internet satellites and Amazon's Jeff Bezos has launched test satellites.

"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," SES chief executive Adel Al-Saleh said.

SES said 60 percent of the combined group's revenue would come from "high growth segments" and generate an annual core profit of 1.8 billion euros ($1.9 billion).

"The combination will create a stronger multi-orbit operator with greater coverage," SES said in a statement.

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

kf-may/mch/lth/rl

SES SA

INTELSAT

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