
SES Completes Acquisition of Intelsat, Creating Global Multi-Orbit Connectivity Powerhouse
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 IRIS 2). 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 IRIS 2 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.
More documentation of the transaction can be found in our newsroom.
About SES
At SES, we believe that space has the power to make a difference. That's why we design space solutions that help governments protect, businesses grow, and people stay connected—no matter where they are. With integrated multi-orbit satellites and our global terrestrial network, we deliver resilient, seamless connectivity and the highest quality video content to those shaping what's next. Following our Intelsat acquisition, we now offer more than 100 years of combined global industry leadership—backed by a track record of bringing innovation 'firsts' to market. As a trusted partner to customers and the global space ecosystem, SES is driving impact that goes far beyond coverage.
Forward-Looking Statements
This communication contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933. Generally, the word 'will' and similar expressions or their negative, may, but are not necessary to, identify forward-looking statements.
Such forward-looking statements, including those regarding the timing and consummation of the transaction described herein, involve risks and uncertainties. SES's and Intelsat's experience and results may differ materially from the experience and results anticipated in such statements. The accuracy of such statements is subject to a number of risks, uncertainties and assumptions including, but not limited to, the following factors: the risk that the conditions to the closing of the transaction are not satisfied; litigation relating to the transaction; uncertainties as to the timing of the consummation of the transaction and the ability of each party to consummate the transaction; risks that the proposed transaction disrupts the current plans or operations of SES or Intelsat; the ability of SES and Intelsat to retain and hire key personnel; competitive responses to the proposed transaction; unexpected costs, charges or expenses resulting from the transaction; potential adverse reactions or changes to relationships with customers, suppliers, distributors and other business partners resulting from the announcement or completion of the transaction; the combined company's ability to achieve the synergies expected from the transaction, as well as delays, challenges and expenses associated with integrating the combined company's existing businesses; the impact of overall industry and general economic conditions, including inflation, interest rates and related monetary policy by governments in response to inflation; changes in tariffs, import and export control laws and regulations, as well as related guidance; geopolitical events, and regulatory, economic and other risks associated therewith; and continued uncertainty around the macroeconomy. Other factors that might cause such a difference include those discussed in the prospectus on Form F-4 filed in connection with the proposed transaction. The forward-looking statements included in this communication are made only as of the date hereof and, except as required by federal securities laws and rules and regulations of the SEC, SES and Intelsat undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Additional Information and Where to Find It
In connection with the proposed strategic business combination between SES and Intelsat, SES filed with the SEC a registration statement on Form F-4 (SEC File No. 333-286828) that included a prospectus of SES. The registration statement was declared effective by the SEC on May 14, 2025, and the prospectus was mailed or otherwise disseminated to the shareholders of SES and Intelsat. SES also has filed and plans to file other relevant documents with the SEC regarding the proposed transaction. INVESTORS AND SHAREHOLDERS ARE URGED TO READ THE PROSPECTUS AND OTHER RELEVANT DOCUMENTS FILED OR TO BE FILED WITH THE SEC WHEN THEY BECOME AVAILABLE BECAUSE THEY CONTAIN OR WILL CONTAIN IMPORTANT INFORMATION. Investors and shareholders can obtain free copies of the prospectus and other documents filed with the SEC through the website maintained by the SEC at http://www.sec.gov. Copies of the documents filed with the SEC will be available free of charge on SES's website at www.ses.com or by contacting SES's Investor Relations Department by email at ir@ses.com. Copies of the documents filed with the SEC by Intelsat will be available free of charge on Intelsat's website at www.intelsat.com or by contacting Intelsat's Investor Relations Department by email at investor.relations@intelsat.com.
This communication is not intended to and does not constitute an offer to sell or the solicitation of an offer to buy any securities nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended, and otherwise in accordance with applicable law.

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles


Business Wire
2 hours ago
- Business Wire
A.forall Announces the Direct Commercialization of Sodium Acetate Injection 2mEq/mL
WHITE BEAR LAKE, Minn.--(BUSINESS WIRE)--Through its U.S. subsidiary, Milla Pharmaceuticals Inc., announced the direct commercialization and launch of Sodium Acetate Injection 2mEq/mL in 20mL, 50mL, and 100mL vials. Milla Pharmaceuticals Inc. announced the direct commercialization and launch of Sodium Acetate Injection 2mEq/mL in 20mL, 50mL, and 100mL vials. Share Sodium Acetate Injection, USP is indicated as a source of sodium for addition to large volume intravenous fluids to prevent or correct hyponatremia in patients with restricted or no oral intake. It is also useful as an additive for preparing specific intravenous fluid formulas when the needs of the patient cannot be met by standard electrolyte or nutrient solutions. 'We continue supplying Sodium Acetate in the U.S. throughout this time of shortage as we have been doing over the last four years, but we are now proudly addressing the shortage directly. Thanks to our own commercial organization, we are now able to provide U.S. patients with the medicines they need most in an even more efficient way. 'This important milestone represents the company's continued investment in and increasing internal dedication to serving the U.S. marketplace, especially for products which have been or continue to be reported in shortage,' commented Erik Lazarich, President of U.S. Operations. Please see link for Full Prescribing Information. About & Milla Pharmaceuticals At our mission is all about Making Affordable Medicines Available To All: we develop value-added generic pharmaceuticals, solve product shortages and fill unmet medical needs so that patients can continue their treatment. At the same time, we are reducing costs to the healthcare system and increasing customer convenience for a more sustainable world. Milla Pharmaceuticals Inc., the U.S. subsidiary of is engaged in the development, licensing, acquisition, and commercialization of generic prescription drugs for the U.S. market, focusing on niche injectable and solution products for hospitals and clinics.


Business Wire
2 hours ago
- Business Wire
Two-Decade Innovation Journey of MagneRide ® Magneto‑Rheological Dampers
MUNICH--(BUSINESS WIRE)--When BWI Group invented and launched the MagneRide ® magneto‑rheological damper in 2002, the company has propelled MagneRide ® on an extraordinary voyage of technical innovation—an adventure of innovation, challenge and bold breakthroughs. Every generation of MagneRide ® embodies BWI Group's relentless pursuit of sharper vehicle dynamics and superior ride comfort. Constant innovation drives the company to perfect its craft, ensuring that each new iteration delivers a palpably better driving experience. MagneRide ® has elevated vehicle handling and comfort while widening its reach from exotic super‑cars and premium nameplates to a far broader market. First Generation: Started from laboratory magic The story begins in a laboratory brimming with curiosity and ambition. In 2002 the first‑generation MagneRide damper was mass produced for the very first time, endowing the debut application—the Cadillac STS—with unprecedented handling prowess. Second Generation: Reinforced system favoured by super‑cars The second‑generation MagneRide ® damper entered the market in 2006. Upgraded magneto‑rheological fluid and a newly designed piston armed the system for both enhanced comfort and assured control in varied conditions. Europe's top super‑car marques soon extended olive branches, validating MagneRide's unparalleled competitiveness in the high‑performance arena. Third Generation: Leap with speed & passion In 2011, the third‑generation MagneRide ® damper's evolution came with dual‑coil technology pushing response frequency to 1,000 adjustments per second. Meanwhile, dual‑layer sealing made the system more durable, and slashed maintenance costs. Fourth Generation: Benchmark in smart‑drive era Arriving in 2020, the latest generation of MagneRide ® suspension system once again stunned the industry and raised the bar for future mobility. Thanks to a cutting‑edge ECU, wheel‑end accelerometers and an IMU, magneto‑rheological fluid reacts in a lightning‑quick 0.5 millisecond. BWI Group's proprietary algorithmic refinements significantly enhance vehicle stability, ushering in a brand‑new driving paradigm. The latest MagneRide ® suspension system endures more than 300,000 km of gruelling service and operates flawlessly in extremes ranging from −30 °C to 105 °C. It conquers every environment beyond the laboratory, and many flagship models have adopted the system. The fourth generation MagneRide ® suspension system paves the way for boundless possibilities in automotive innovation. From the inaugural invention, through the benchmark‑setting fourth generation, every stride attests to BWI Group's tireless quest for technical excellence and precise understanding of market needs.


Business Wire
3 hours ago
- Business Wire
NIQ Announces Pricing of Initial Public Offering
CHICAGO--(BUSINESS WIRE)--NIQ Global Intelligence plc (the 'Company') announced today the pricing of its initial public offering of 50,000,000 of its ordinary shares at a public offering price of $21.00 per ordinary share. The underwriters will have a 30-day option to purchase up to an additional 7,500,000 ordinary shares from the selling shareholder at the initial public offering price less underwriting discounts and commissions. The Company's ordinary shares are expected to begin trading on the New York Stock Exchange on July 23, 2025, under the ticker symbol 'NIQ.' The offering is expected to close on July 24, 2025, subject to customary closing conditions. The Company intends to use the net proceeds that it receives from the offering, together with available cash, as necessary, to repay amounts outstanding under its revolving credit facility and a portion of the amounts outstanding under its US term loan facility and to use any remaining net proceeds for working capital and for general corporate purposes. The Company will not receive any proceeds from the sale of ordinary shares by the selling shareholder. J.P. Morgan, BofA Securities, UBS Investment Bank, Barclays and RBC Capital Markets are acting as joint lead book-running managers for the offering. Citigroup, Wells Fargo Securities, BNP Paribas, Deutsche Bank Securities, BMO Capital Markets and KKR are also acting as joint book-running managers. Baird, Needham & Company, Stifel, William Blair, Capital One Securities, Fifth Third Securities, SMBC Nikko, Academy Securities, Loop Capital Markets and Roberts & Ryan are acting as co-managers for the offering. This offering is being made only by means of a prospectus. Copies of the final prospectus relating to this offering, when available, may be obtained from: J.P. Morgan Securities LLC, Attention: c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, or email: prospectus-eq_fi@ and postsalemanualrequests@ BofA Securities, Inc., NC1-022-02-25, 201 North Tryon Street, Charlotte, NC 28255-0001, Attention: Prospectus Department, by email: or UBS Securities LLC, 1285 6th Ave, New York, NY 10019, by telephone: (888) 827-7275. A registration statement on Form S-1 relating to the offering was declared effective by the Securities and Exchange Commission on July 22, 2025. This press release does not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. About NIQ NIQ is a leading consumer intelligence company, delivering the most complete understanding of consumer buying behavior and revealing new pathways to growth. NIQ combined with GfK in 2023, bringing together two industry leaders with unparalleled global reach. Our global reach spans over 90 countries covering approximately 85% of the world's population and more than $ 7.2 trillion in global consumer spend. With a holistic retail read and the most comprehensive consumer insights—delivered with advanced analytics through state-of-the-art platforms—NIQ delivers the Full View™. NIQ-IR