Committed to 0.50 eur/shr dividend (Il Sole 24 Ore Radiocor) - Luxembourg, 30 Apr - The Luxembourg-based satellite operator SES said that it has reached an agreement to acquire its US peer Intelsat for 3.1 billion dollars and certain contingent value rights.

"The combination will create a stronger multi-orbit operator with greater coverage, improved resiliency, expanded suite of solutions, enhanced resources to profitably invest in innovation, and benefit from the collective talent, expertise, and track record of both companies," it said.

SES expects to have received regulatory clearance for the takeover during the second half of 2025.

The transaction has been unanimously approved by the boards of both companies and Intelsat shareholders holding approximately 73% of the common shares have entered into customary support agreements requiring them to vote in favour of the transaction.

The deal is expected to deliver 2.4 billion euros of synergies, with 70% executed within three years after closing, it added.

SES committed to an annual dividend of 0.50 euros per A-share with an expanded free cash flow base "supporting potential for future increases.".

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(RADIOCOR) 30-04-24 19:13:00 (0805) 5 NNNN