Luxembourg-based SES confirmed it is in talks about potentially merging with satellite operator Intelsat.
In a statement, SES said: “In response to rumours in the market, SES S.A. confirms that the company has engaged in discussions regarding a possible combination with Intelsat. At this stage, there can be no certainty that a transaction would materialise. The Board of SES remains fully committed to acting in the best interest of SES and its shareholders.”
A report by Bloomberg said the companies are in advanced negotiations and aim to reach an agreement as soon as the next few weeks. A transaction could value the combined business at more than $10bn including debt.
Any deal would require the approval of the Luxembourg government, the largest shareholder in SES.
Last month SES suspended a long-running legal action against Intelsat.