SES completes Intelsat acquisition, sets path to growth
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SES has completed 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 to businesses and governments around the world, creating a stronger multi-orbit operator with approximately 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 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,” 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 satellite 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 expects its pro forma Adjusted EBITDA of €1.8 billion to grow at mid-single digit CAGR, including plans to generate over €1 billion in Adjusted Free Cash Flow by 2027-2028. 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 to 2028, excluding the IRIS2 programme. This investment 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.
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 will remain headquartered in Luxembourg, while maintaining a significant presence in the United States with its North American main office in McLean, Virginia.
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