SES, a space solutions company, announced the completion of its acquisition of Intelsat, creating a strengthened global satellite operator with an expanded fleet of 120 satellites across two orbits. The newly combined company will draw on 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.
Offering 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 allow it to deliver premium-quality services and tailored solutions to its customers. The company’s assets and networks, once fully integrated, will position SES competitively, 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.”
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 allow the company to continuously strengthen its network and explore emerging growth markets including 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,” added Al-Saleh.
By integrating the two organisations, SES plans 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 predominantly come from streamlined operations, optimised capacity costs, and procurement efficiencies, along with the strategic integration of satellite fleets and ground infrastructure.
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