EU Gives Green Light to SES’s Acquisition of Intelsat, Citing No Competition Concerns
The European Commission has approved unconditionally, under the EU Merger Regulation, the proposed acquisition of Intelsat by SES.
In a significant move for the global satellite communications industry, the European Commission has unconditionally approved the proposed acquisition of Intelsat Holdings S.à r.l. by SES S.A., under the EU Merger Regulation. The approval confirms that the transaction raises no competition concerns within the European Economic Area (EEA).
Both SES and Intelsat are major satellite network operators headquartered in Luxembourg, operating fleets of geostationary Earth orbit (GEO) satellites and providing services across media broadcasting, aviation, maritime, and government sectors. While SES also operates a fleet of medium Earth orbit (MEO) satellites, Intelsat’s primary operations are managed from the United States.
The merger is expected to enhance satellite network resilience, broaden coverage, and improve competitiveness—particularly in response to the rapid growth of low Earth orbit (LEO) satellite operators.
Following its investigation, the European Commission concluded that the merged entity would continue to face strong competition in both ‘one-way’ satellite capacity (used by broadcasters) and ‘two-way’ capacity (used by enterprise and government sectors). The Commission also highlighted that the satellite services market remains constrained by terrestrial alternatives such as fibre, and the rising influence of LEO operators.
Importantly, the Commission found no risk of foreclosure, noting that SES and Intelsat would not be able to restrict access to satellite capacity for downstream competitors. As a result, the transaction has been approved in Phase I of the Commission’s review process without any remedies or conditions.
