EU unconditionally clears SES's $3.1 billion bid for Intelsat

BRUSSELS (Reuters) -The European Commission said on Tuesday it had unconditionally approved the proposed acquisition of Intelsat by SES, confirming a story Reuters exclusively reported earlier this month.

The $3.1-billion bid made by the European satellite company for its rival will create a major European player to rival Elon Musk's Space X-owned Starlink.

"The Commission concluded that the transaction would not raise competition concerns in the European Economic Area," EU's executive arm said in a statement.

Together with other European satellite companies, Luxembourg-headquartered SES is looking for greater scale to compete more effectively with Starlink and Amazon's Project Kuiper.

(Reporting by Foo Yun Chee and Benoit Van Overstraeten; Editing by Makini Brice)

---

Serious News for Serious Traders! Try StreetInsider.com Premium Free!

---

You May Also Be Interested In

• T-Mobile executives oppose $300B Deutsche Telekom merger plan - report
• WestJet flight attendants go on strike after talks fall through, grounding flights
• Analysis-China draws 'red lines' around its economic model ahead of EU, US trade talks