Satellite company SES to acquire Intelsat for 3.1 billion dollars

The two companies announced on Tuesday that the satellite company SES SESG has agreed to buy all of Intelsat Holdings' shares for approximately $3.1 billion.

European satellite companies have been searching for integration in order to counter Starlink and Amazon's Project Kuiper, etc. under the umbrella of Elon Musk's SpaceX.

The new company after the merger will be headquartered in Luxembourg and will maintain an important presence in the US, according to the statements of both companies.

“The deal has been unanimously approved by both companies' boards of directors, and Intelsat shareholders, who hold approximately 73% of common stock, have entered into a customary support agreement requiring them to vote in favor of the deal,” the companies added.

This transaction is covered by issuing new debt, including cash and hybrid bonds.

SES's Paris-listed shares fell by about 4% until 0723 GMT.