LUXEMBOURG: Satellite heavyweight SES has wrapped up its acquisition of Intelsat, creating a turbocharged space communications firm with a 120-strong satellite arsenal spanning geostationary (Geo), medium Earth orbit (Meo), and strategic access to low Earth orbit (Leo) assets. The announcement was made on 17 July 2025.
The deal instantly boosts SES’s clout in high-growth verticals, with around 60 per cent of revenues now flowing from aviation, maritime, government, and media clients. The expanded fleet includes roughly 90 Geo and nearly 30 Meo satellites, with the new entity operating across a rich spectrum of bands including C, Ku, Ka, military Ka, X, and UHF—enabling tailored, premium-grade connectivity solutions globally.
“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 SES CEO Adel Al-Saleh. “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 financials are just as skyward. The merged outfit expects pro forma revenue of €3.7 billion growing at a low- to mid-single digit CAGR between 2024 and 2028. Adjusted EBITDA is pegged at €1.8 billion with mid-single digit growth including synergies, while adjusted free cash flow is set to top €1 billion by 2027–2028 (pre-IRIS2).
A hefty €8 billion contract backlog provides strong revenue visibility, while cost synergies—valued at a net present value of €2.4 billion—are expected to deliver an annual run rate of €370 million, with 70 per cent realised within three years. Savings will come from merged fleets, streamlined ops, and smarter procurement.
SES, which remains headquartered in Luxembourg and listed on both the Paris and Luxembourg bourses ), will maintain a key base in McLean, Virginia. The firm has set its sights firmly on emerging frontiers including IoT, direct-to-device comms, space situational awareness, quantum key distribution, and inter-satellite data relays. Annual capex (excluding IRIS2) is expected to average €600–650 million through 2028.
SES has also signalled intent to raise its base dividend once it achieves sub-3x net leverage, expected within 12–18 months.
Legal and financial advisors on the transaction read like a who’s who: SES leaned on Guggenheim Securities, Morgan Stanley, Deutsche Bank, and legal bigwigs from Gibson Dunn to Hogan Lovells. Intelsat was advised by PJT Partners, with legal counsel from Skadden, Wiley Rein, and Elvinger Hoss Prussen.
The move solidifies SES’s place among the top tier of global satellite operators—now armed with more firepower, deeper pockets, and sharper intent to lead the new space race.
