SES to acquire Intelsat for $3.1 bn in cash

SES is set to acquire Intelsat Holdings for a cash consideration of $3.1 billion (€2.8 billion) bolstering its presence in the satellite communications industry.
The combination will create a stronger multi-orbit operator with greater coverage, improved resiliency, expanded suite of solutions, enhanced resources to profitably invest in innovation, and benefit from the collective talent, expertise, and track record of both companies.

The transaction, which is subject to regulatory clearances, is expected to close during the second half of 2025.

Transaction highlights

# Delivers €2.4 billion (NPV) of synergies (85 percent of equity consideration) with 70 percent executed within 3 years after closing.

# Expands multi-orbit satellite-based capabilities, spectrum portfolio, and global ground network to serve customers.

# Increases revenue in high demand and growing Networks segments representing ~60 percent of expanded revenue base.

# Combines complementary investment in space, ground, and network innovation to unlock future value and opportunity.

# Company will benefit from gross backlog of €9 billion, revenue of €3.8 billion, and Adjusted EBITDA of €1.8 billion.

# Commitment to investment grade metrics with net leverage below 3 times within 12-18 months after closing.

Adel Al-Saleh, CEO of SES, commented: “This important, transformational agreement strengthens our business, enhances our ability to deliver world-class customer solutions, and generates significant value for our shareholders.”