European regulators have initiated a preliminary investigation into SES’s multi-billion-dollar bid to acquire Intelsat. The European Commission has set a June 10 deadline to determine whether to approve the deal unconditionally, conditionally, or launch a full-scale investigation. SES CEO Adel Al-Saleh anticipates closing the transaction early in the second half of 2025.
The UK’s Competition and Markets Authority (CMA) also launched its review, setting a June 12 deadline for its initial assessment. John Worthy of Fieldfisher law firm noted that a more detailed CMA analysis could extend the timeline to late 2025 or early 2026. The merger requires approvals from multiple jurisdictions due to the global reach of both companies, which together would operate over 100 geostationary and 26 medium Earth orbit (MEO) satellites. Further expansion plans include deploying eight more geostationary and seven MEO satellites by the end of 2026, aiming to compete with SpaceX’s Starlink network.
While smaller regulatory approvals have been secured, significant reviews remain with the European Commission, CMA, the Federal Communications Commission, and the Department of Justice in the United States. Regulators will likely scrutinize the merger's potential impact on competition in areas where SES and Intelsat overlap, such as government and mobility services and fixed data markets. An F-4 filing estimates the acquisition cost at €3.5 billion, with projected synergies of €2.4 billion. The combined entity expects to be a stronger competitor in the evolving communications landscape.
SES’s acquisition of Intelsat comes amidst declines in its legacy media business, offset by growth in its networks business. First-quarter 2025 revenue was €509 million, slightly down from the previous year, reflecting the broader industry shift from traditional media to data-centric applications. This trend is mirrored by other satellite operators, such as Eutelsat.