SES S.A. (BDL:SESGL) is in talks to combine with rival Reorganized ISA S.A. (Intelsat SA) to create a satellite giant that can better compete with billionaire Elon Musk. SES said in a statement March 29, 2023 it's “engaged in discussions regarding a possible combination with Intelsat,” confirming an earlier Bloomberg News report. SES said its board remains “fully committed” to acting in the best interest of SES shareholders, and there's no certainty a transaction will materialize.

The companies are in advanced negotiations and aim to reach an agreement as soon as the next few weeks, people with knowledge of the matter said. A transaction could value the combined business at more than $10 billion including debt, according to the people, who asked not to be identified because the information is private. A representative for Intelsat declined to comment.