Satellite company SES confirms tie-up talks with Intelsat

Satellite model is placed on Intelsat logo in this picture illustration taken April 4, 2022. REUTERS/Dado Ruvic/Illustrationconfirmed on Wednesday that it was in talks with U.S. rival Intelsat over a possible combination of their businesses that would create an industry giant.

SES' statement came after a Bloomberg report said the two companies were nearing a deal valued at more than $10 billion including debt. "In response to rumours in the market, SES S.A. confirms that the company has engaged in discussions regarding a possible combination with Intelsat," SES said.SES is aiming to reach an agreement with Intelsat as soon as the next few weeks, Bloomberg said, citing sources. Intelsat declined comment.

Merger talks between the two signal further consolidation in the rapidly changing satellite Internet industry to challenge the likes of Elon Musk-owned SpaceX's Starlink and Amazon.com'sDemand for satellite launches is expected to accelerate after recent sanctions sidelined the Russian space launch industry, and giant satellite constellations could offer a new channel to beam broadband Internet from space.

It's against Holly Competition.

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