SES Acquires Intelsat in $3.1 Billion Deal Facilitated by Hogan Lovells
Deal News | Jul 23, 2025 | Hogan Lovells
Hogan Lovells played a central role in guiding SES through its transformative $3.1 billion acquisition of Intelsat. Both companies, SES and Intelsat, are significant providers of communication services, especially involved in classified work for the U.S. government. This made the deal's regulatory approval process particularly complex, requiring careful navigation through multiple U.S. regulatory bodies, including the Federal Communications Commission, Team Telecom, CFIUS, DCSA, as well as obtaining export control authorizations. The team at Hogan Lovells provided extensive foreign direct investment counsel as well. Michele Farquhar and Stephen Propst led the cross-practice Hogan Lovells team, which included members from various international offices, indicating a strong, unified effort across jurisdictions. The seamless execution of the deal showcases Hogan Lovells' expertise in managing the intersection of national security and cross-border regulatory strategy.
Sectors
- Telecommunications
- Legal Services
Geography
- United States – The acquisition involved complex U.S. regulatory approvals due to both SES and Intelsat working under U.S. government contracts.
- International – The involvement of multiple international offices of Hogan Lovells highlights the cross-border nature of the transaction.
Industry
- Telecommunications – SES and Intelsat are major providers of communication services, particularly in classified communication work, underscoring the telecommunications industry's role.
- Legal Services – Hogan Lovells' significant involvement as a legal advisor in navigating regulatory challenges highlights the legal services industry's importance in M&A transactions.
Financials
- US$3.1 Billion – The acquisition price for SES's acquisition of Intelsat.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| SES | Target Company | Company | SES is a provider of satellite and other communication services. |
| Intelsat | Selling Company | Company | Intelsat is a provider of satellite communications and services. |
| Hogan Lovells | Legal Advisor | Company | Hogan Lovells is a global law firm that provided legal and strategic counsel for the acquisition. |
| Federal Communications Commission (FCC) | Regulatory Authority | Government | The U.S. government body responsible for regulating interstate and international communications. |
| Committee on Foreign Investment in the United States (CFIUS) | Regulatory Authority | Government | Government body that reviews the national security implications of foreign investments in U.S. companies. |
| Team Telecom | Regulatory Authority | Government | Interagency committee that reviews acquisitions for national security considerations. |
| Defense Counterintelligence and Security Agency (DCSA) | Regulatory Authority | Government | U.S. Department of Defense agency responsible for personnel security, industrial security, and related programs. |