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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-movi 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.
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