The Competition and Markets Authority has approved the acquisition of Intelsat by SES following a Phase I investigation.
The assessment examined whether the transaction met the criteria for a relevant merger situation under the Enterprise Act 2002 and whether it would lessen competition within the UK.
SES, based in Luxembourg, will acquire 100% of the equity in Intelsat Holdings S.a.r.l. for €2.8 billion. The transaction is projected to generate €2.4 billion in synergies, with 70% expected to be realised three years after completion.
The merged entity will remain headquartered and domiciled in Luxembourg while maintaining a significant presence in the United States, particularly around Intelsat’s current base in Washington DC.
The CMA will release its detailed findings at a later date.
