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UK Regulators Approve $3.1 Billion SES-Intelsat Merger, Paving Way for Satellite Industry Shake-Up

By  |  May 29, 2025

The planned $3.1 billion acquisition of Intelsat SA by Luxembourg-based satellite operator SES SA has received the green light from the United Kingdom’s Competition and Markets Authority (CMA), marking a significant milestone in the consolidation of the global satellite communications sector.

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    According to a statement issued by the CMA on Friday, the regulator has decided not to launch an in-depth investigation into the transaction “based on the information currently available to it.” The decision removes a major regulatory hurdle for the merger, which will see the creation of a powerful new competitor to established players such as Elon Musk’s Starlink.

    The merger, once finalized, will unite two of the world’s most prominent satellite operators and position the new entity to challenge rivals that have recently expanded through mergers, including Inmarsat Group Holdings Ltd. and France’s Eutelsat SA. Per the CMA’s statement, the authority found no sufficient grounds to delay the deal for further scrutiny at this stage.

    The acquisition had originally stalled in earlier negotiations, reportedly due to disagreements between Intelsat, SES, and key stakeholders over the strategic future of the combined company. Talks were revived in 2024, ultimately leading to the current deal. SES, headquartered in Luxembourg, lists the country’s government as its largest shareholder.

    The news prompted a modest market reaction, with SES depository receipts climbing 2.2% in Paris trading by mid-morning. Despite the price movement, trading volumes remained subdued—55% lower than the 20-day average for that time of day. SES declined to comment on the CMA decision, while Intelsat has not yet responded to requests for comment.

    While the UK regulator has cleared the path for the transaction, the deal still faces scrutiny from the European Commission. The EU’s competition authority is currently assessing the merger and is expected to deliver its decision by June 10.

    Source: Bloomberg