The European Commission has granted unconditional approval for SES S.A.’s acquisition of Intelsat Holdings S.à r.l. under the EU Merger Regulation. The decision was reached after determining that the merger would not pose competition concerns within the European Economic Area (EEA).
Both companies are satellite network operators with headquarters in Luxembourg, operating geostationary Earth orbit satellites. While Intelsat’s primary activities and administrative headquarters are located in the United States, both firms are active in the EEA.
SES and Intelsat provide ‘one-way’ satellite capacity primarily to broadcasters and ‘two-way’ satellite capacity to various industry sectors such as aviation, maritime, and government. The transaction aims to enhance their coverage and competitiveness against emerging low Earth orbit satellite operators.
The Commission’s investigation focused on the effects of the merger on global markets for ‘one-way’ and ‘two-way’ satellite capacity, as well as smaller market segments within these categories in the EEA. It also evaluated potential impacts arising from vertical integration between upstream satellite capacity supply and downstream satellite services supply.
Findings indicated that credible competitors would continue to exert competitive pressure on the merged entity post-transaction. The presence of terrestrial alternatives like fiber optics for ‘one-way’ capacity and LEO operators for ‘two-way’ capacity further constrains potential anti-competitive behavior. Additionally, it was concluded that the merged entity would not have sufficient power to limit competitors’ access to its satellite capacity.
Consequently, no significant competition issues were identified within the EEA, leading to an unconditional clearance of the transaction.
SES is a publicly listed company known for operating GEO satellites alongside medium Earth orbit satellites while offering diverse satellite services. Intelsat operates a fleet of GEO satellites with similar service provisions across different use cases.
This transaction was notified to the Commission on April 29, 2025. The Commission is tasked with assessing mergers involving companies above certain turnover thresholds under Article 1 of the EU Merger Regulation, ensuring no substantial impediments arise against effective competition within any part of the EEA.
Most notified mergers proceed without issues following a standard review process where decisions are typically made within 25 working days from notification regarding approval or further investigation needs.
Further details can be accessed via the Commission’s competition website under case number M.11602.
Contact information:
Arianna Podesta
Deputy Chief Spokesperson
Phone: +32 2 298 70 24
Email: [email protected]
Sara Simonini
Press Officer
Phone: +32 2 29 83367
Email: [email protected]
