The European Commission has granted unconditional approval for SES S.A.’s acquisition of Intelsat Holdings S.à r.l., determining that the transaction will not pose any competition concerns within the European Economic Area (EEA). SES and Intelsat are prominent global satellite network operators focusing on geostationary Earth orbit (GEO) satellites. Although both companies are based in Luxembourg, Intelsat conducts most of its operations and administrative functions in the United States.
These companies provide critical satellite capacity to various customers, including broadcasters and third-party satellite service providers in the aviation, maritime, and government sectors. The merger is seen as a strategic opportunity for both SES and Intelsat to enhance their coverage and resilience, particularly in light of increasing competition from low-earth orbit (LEO) satellite operators.
The Commission’s investigation examined the potential impact of the acquisition on global and EEA markets for both ‘one-way’ and ‘two-way’ satellite capacity. It also assessed the relationship between satellite capacity supply and the subsequent provision of satellite services. The findings indicated that a sufficient number of credible competitors exist to maintain competitive pressure post-merger. Furthermore, the merged entity would face competition from terrestrial alternatives, including fibre networks for ‘one-way’ capacity and LEO operators for ‘two-way’ capacity.
Consequently, the Commission determined that the acquisition would not allow the merged entity to restrict access to satellite capacity for downstream competitors, thereby alleviating any concerns regarding market foreclosure. Following this thorough investigation, the Commission cleared the transaction without any conditions.
The Commission was officially notified of the merger on April 29, 2025. Under EU merger control rules, the Commission evaluates mergers that meet specific turnover thresholds to prevent significant detriment to EEA competition. Typically, mergers like this face minimal complications during the initial review phase.
