SES, a leading space solutions company, today announced the completion of its highly value accretive acquisition of Intelsat, creating a strengthened global satellite operator with an expanded fleet of 120 satellites across two orbits. The newly combined company will leverage its skilled teams with deep vertical expertise to deliver integrated multi-orbit, multi-band satellite and connectivity solutions to businesses and governments around the world, creating a stronger multi-orbit operator with ~60% of revenue in high-growth segments.
With a world-class network including approximately 90 geostationary (GEO), nearly 30 medium Earth orbit (MEO) satellites, strategic access to low Earth orbit (LEO) satellites, and an extensive ground network, SES can now deliver connectivity solutions utilising complementary spectrum bands including C-, Ku-, Ka-, Military Ka-, X-band, and Ultra High Frequency. The expanded capabilities of the combined company will enable it to deliver premium-quality services and tailored solutions to its customers. The company’s assets and networks, once fully integrated, will put SES in a strong competitive position to better serve the evolving needs of its customers including governments, aviation, maritime, and media across the globe.
“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,” said Adel Al-Saleh, CEO of SES. “In this new chapter, we are bringing together a powerful mix of talented people, network infrastructure, spectrum, innovation, and global relationships that will allow us to deliver next-generation connectivity and space-enabled services in smarter and quicker ways.”
The transaction establishes a more robust financial foundation for SES, with pro forma combined revenue of €3.7 billion projected to grow at a low- to mid-single digit CAGR (2024-2028E). The combined company pro forma Adjusted EBITDA of €1.8 billion is expected to grow at mid-single digit CAGR including synergies (2024-2028E), with plans to generate over €1 billion in Adjusted Free Cash Flow by 2027-2028 (pre IRIS2). This stronger financial profile is supported by a combined contract backlog exceeding €8 billion, providing clear visibility into future revenue streams.
SES plans to maintain disciplined investment in future growth, with annual capital expenditures averaging €600–€650 million from 2025-2028E, excluding the IRIS2 programme. This will enable the company to continuously strengthen its network and explore emerging growth markets including Internet of Things (IoT), direct-to-device communications, inter-satellite data relay, space situational awareness, and quantum key distribution. The company’s profitable growth outlook, strong balance sheet metrics and expanded cash flows will support both continued innovation and increased shareholder returns, with the intent to raise the annual base dividend once targeted net leverage of below 3 times is achieved within 12-18 months after closing.
“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 — growing year after year, expanding our capabilities, and creating lasting value for our customers and shareholders alike,” Al-Saleh said.
By integrating the two organisations, SES expects to deliver synergies with a total net present value of €2.4 billion, representing an annual run rate of approximately €370 million, with 70% of these efficiencies anticipated to be executed within three years after closing. These savings will primarily come from streamlined operations, optimised capacity costs, and procurement efficiencies, along with the strategic integration of satellite fleets and ground infrastructure.
SES remains headquartered in Luxembourg and is publicly listed on the Paris and Luxembourg stock exchanges (Ticker: SESG), while maintaining a significant presence in the United States with its North American main office in McLean, Virginia.
The new SES Senior Leadership Team can be found here.
Guggenheim Securities acted as lead financial advisor to SES. Morgan Stanley & Co. LLC acted as co-financial advisor. Deutsche Bank Securities Inc also acted as a financial advisor. Morgan Stanley and Deutsche Bank AG, Filiale Luxembourg provided committed financing for the transaction, which was subsequently syndicated. Both Guggenheim Securities and Morgan Stanley & Co LLC rendered a fairness opinion to SES’s Board of Directors. Gibson, Dunn & Crutcher, Hogan Lovells, Arendt & Medernach, and Freshfields served as legal counsel to SES.
PJT Partners served as financial advisor to Intelsat and rendered a fairness opinion to the Intelsat S.A. Board of Directors. Skadden, Arps, Slate, Meagher & Flom, Wiley Rein, and Elvinger Hoss Prussen served as legal counsel to Intelsat.
