Disclaimer :

The Competition DG makes the information provided by the notifying parties in section 1.2 of Form CO available to the public in order to increase transparency. This information has been prepared by the notifying parties under their sole responsibility, and its content in no way prejudges the view the Commission may take of the planned operation. Nor can the Commission be held responsible for any incorrect or misleading information contained therein.

SECTION 1.2

Description of the concentration

The concentration concerns the proposed acquisition by SES S.A. (“SES”) of 100% of the equity of Intelsat Holdings S.à.r.l. (“Intelsat”) from Intelsat S.A. (the “Seller”) for a cash consideration of USD 3.1 billion and certain contingent value rights (the “Proposed Transaction”).

SES is a Luxembourg-headquartered, publicly-traded company listed on the Luxembourg Stock Exchange and the Euronext Paris under the symbol SESG. The Luxembourg Government is currently its single largest shareholder. SES is not solely or jointly controlled by any single shareholder or group of shareholders. SES owns and operates a fleet of both geostationary Earth orbit and medium Earth orbit satellites.

Intelsat is a subsidiary of the Seller, a company incorporated in Luxembourg with administrative headquarters in Virginia, United States. The Seller is currently indirectly solely controlled, within the meaning of Article 3 (1)(b) of the EU Merger regulation, by Allianz SE, which is incorporated in Germany. Intelsat owns and operates a fleet of geostationary Earth orbit satellites.

On completion of the Proposed Transaction, SES will hold 100% of the shares and voting rights in Intelsat, and hence will acquire sole control over Intelsat. The Proposed Transaction therefore constitutes a concentration within the meaning of Article 3(1)(b) of the EU Merger Regulation.

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