SES Completes Intelsat Acquisition, Becomes Global Multi-Orbit Satellite Giant

SES has finalised its acquisition of Intelsat, officially combining two of the world’s biggest satellite operators. This strategic merger creates a powerful new global leader with 120 satellites operating in multiple orbits—about 90 in geostationary orbit (GEO) and nearly 30 in medium Earth orbit (MEO)—and positions SES at the forefront of the next generation of satellite connectivity.

The newly combined company will offer multi-orbit, multi-band services tailored to meet the growing demands of customers in sectors like government, aviation, maritime, and media. It will also have strategic access to low Earth orbit (LEO) capabilities and will operate across a broad range of frequency bands such as C-band, Ku-band, Ka-band, Military Ka-band, X-band, and Ultra High Frequency (UHF). This vast coverage is supported by a global ground infrastructure, enabling more flexible and reliable connectivity worldwide.

SES CEO Adel Al-Saleh welcomed the merger with optimism, stating:

“Today, we’re not just merging two companies — we’re creating a stronger company, built for the future. I want to extend a warm welcome to all new employees, customers, and partners.”

Financially, the merged company is expected to perform strongly, with pro forma revenue of €3.7 billion and adjusted EBITDA of €1.8 billion. From 2024 to 2028, SES forecasts mid-single digit growth annually, supported by strong synergies and a contract backlog worth over €8 billion. By 2027–2028, SES expects to generate over €1 billion in adjusted free cash flow.

Looking ahead, SES will invest €600–€650 million each year between 2025 and 2028, excluding its commitments to the European Union's IRIS2 satellite programme. These investments will target innovation in areas like Internet of Things (IoT), direct-to-device services, inter-satellite links, space situational awareness, and quantum key distribution, ensuring the company stays ahead in emerging markets.

Al-Saleh emphasised:

“Our focus is clear: to grow, to lead in high-potential markets, and to shape the future of our industry. This is a long-term play, and we are building with the future in mind.”

From an operational perspective, the integration is projected to produce €2.4 billion in net present value from synergies, with €370 million in annual cost savings, 70% of which are expected to materialise within the next three years. These efficiencies will come from streamlining operations, reducing capacity costs, improving procurement, and integrating satellite fleets and ground systems.

SES will continue to be headquartered in Luxembourg and remain publicly listed on the Paris and Luxembourg stock exchanges under the ticker SESG. It will also keep a strong presence in the United States, with its North American base in McLean, Virginia.

With this move, SES steps into a new era as a global satellite powerhouse, ready to serve critical markets and shape the future of space-based connectivity.