SES Acquiring Intelsat To Create New Satellite Giant; Will Offer Improved Reach and Redundancy for Media Customers Media customers will have access to global audience reach with improved redundancy features via a competitive range of broadcast solutions, plus additional value-added services. By Jason Dachman, Editorial Director, U.S.
Tuesday, April 30, 2024 - 12:12 pm
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Story Highlights
In an industry-shaking move for the satellite transmission sector, SES has announced a deal to acquire Intelsat through the purchase of 100% of the equity of Intelsat Holdings S.a.r.l. for a cash consideration of $3.1 billion and certain contingent value rights. The deal, which is subject to regulatory approval, creates a new satellite behemoth with a combined fleet of more than 100 Geostationary Earth Orbit (GEO) and 26 Medium Earth Orbit (MEO) satellites.
By consolidating the two companies under SES, the newly combined entity hopes to better compete with emerging players like Elon Musk's Space X-owned Starlink, and Amazon's Project Kuiper. According to the announcement, the combination will create a stronger multi-orbit operator with greater coverage, improved resiliency, expanded suite of solutions, enhanced resources to profitably invest in innovation, and benefit from the collective talent, expertise, and track record of both companies. It also delivers greater value for customers and partners, as well as providing a compelling alternative in the new era of growth, innovation, and competition for the satellite communications industry, according to the announcement.
In in terms of the media sector specifically, SES says the transaction brings together complementary capabilities for customers including pay-TV operators, free-to-air/free-to-view platforms, public and private broadcasters, and sports & events brands who will have access to global audience reach with improved redundancy features via a competitive range of broadcast solutions, plus additional value-added services.
The combined SES will also benefit from enhanced coverage, greater network resiliency, complementary spectrum (C-, Ku-, Ka-, Military Ka-, X-band, and Ultra High Frequency) rights, and improved service delivery utilizing an expanded network of ground segment assets. By end-2026, 8 new GEO (including 6 software-defined) satellites and 7 new MEO (O3b mPOWER) satellites are expected to be launched adding further redundancy and additional growth capacity.
Intelsat, which emerged from bankruptcy in early 2022, has held merger talks with SES in the past before but those collapsed last summer. The combined SES will continue to be headquartered and domiciled in Luxembourg, while maintaining significant presence in the U.S., notably in the greater Washington, D.C. area.
This important, transformational agreement strengthens our business, enhances our ability to deliver world-class customer solutions, and generates significant value for our shareholders in a value accretive acquisition which is underpinned by sizeable and readily executable synergies, says Adel Al-Saleh, CEO of SES. In a fast-moving and competitive satellite communication industry, this transaction expands our multi-orbit space network, spectrum portfolio, ground infrastructure around the world, go-to-market capabilities, managed service solutions, and financial profile. I am excited by the opportunity to bring together our two companies and augment SES's own knowledge base with the added experience, expertise, and customer focus of the Intelsat colleagues.
Going forward, customers will benefit from a more competitive portfolio of solutions with end-to-end offerings in valuable Government and Mobility segments, combined with value-added, efficient, and reliable offerings for Fixed Data and Media customers, he continues. This combination is also positive for our supply chain partners and the industry in creating new opportunities as satellite-based solutions become an increasingly integral part of the wider communications ecosystem. Our expanded business will deliver sustained EBITDA growth and strong cash generation, in turn supporting incremental profitable investment in capabilities and solutions to fulfill rapidly expanding and evolving customer demand while also delivering sustained returns to shareholders.
David Wajsgras, CEO of Intelsat, adds: Over the past two years, the Intelsat team has executed a remarkable strategic reset. We have reversed a 10-year negative trend to return to growth, established a new and game-changing technology roadmap, and focused on productivity and execution to deliver competitive capabilities. The team today is providing our customers with network performance at five 9s and is more dedicated than ever to customer engagement and delivering on our commitments. This strategic pivot sets the foundation for Intelsat's next chapter.
By combining our financial strength and world-class team with that of SES, we create a more competitive, growth-oriented solutions provider in an industry going through disruptive change, he continues. The combined company will be positioned to meet customers' needs around the world and exceed their expectations.
Transaction Highlights
Delivers 2.4 billion (NPV) of synergies (85% of equity consideration) with 70% executed within 3 years after closing.
Expands multi-orbit satellite-based capabilities, spectrum portfolio, and global ground network to serve customers.
Increases revenue in high demand and growing Networks segments representing 60% of expanded revenue base.
Combines complementary investment in space, ground, and network innovation to unlock future value and opportunity.
Brings together a wealth of collective talent, expertise, engineering knowledge, and go-to-market capabilities.
Company will benefit from gross backl
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SES Acquiring Intelsat To Create New Satellite Giant; Will Offer Improved Reach and Redundancy for Media Customers Media customers will have access to global audience reach with improved redundancy features via a competitive range of broadcast solutions, plus additional value-added services. By Jason Dachman, Editorial Director, U.S. 
