The UK’s Competition and Markets Authority (CMA) concluded that the proposed acquisition of Intelsat Holdings by Luxembourg-based SES could potentially lead to a substantial lessening of competition in one or more UK markets. This concern prompted the launch of an initial Phase 1 investigation, on 11 April 2025.

A representative of SES told Paperjam: “This is normal CMA process so nothing to comment on.”

Both SES and Intelsat operate in the satellite connectivity sector, and the CMA is examining whether combining the two companies may negatively impact competition in the supply of these services within the UK. Luxembourg-based SES on 30 April 2024 that it would acquire 100% of its competitor, Intelsat, for €2.8bn, although the transaction remains subject to approval by relevant market surveillance authorities.

The regulator confirmed that the transaction met the requirements for formal investigation and will begin its review process on 14 April 2025. Comments from interested parties were invited between 11 April and 29 April 2025 to support the CMA’s assessment.

A decision on whether to proceed to a more in-depth Phase 2 investigation is expected by 12 June 2025. The CMA stated that while this is the current target date, timelines may shift depending on the progress of the review.