U.S. satellite communications giant Intelsat walked away from merger discussions with Luxembourg-based competitor SES on Thursday, CNBC confirmed.
The merger would have created a combined U.S. and European satellite business valued at over $10 billion.
Both companies are increasingly under pressure from a shift in the satellite communications market, with SpaceX's Starlink representing a key disruptor.U.S. satellite communications giant Intelsat walked away from merger discussions with Luxembourg-based competitor SES on Wednesday, CNBC confirmed. Intelsat ended the discussions after differences arose with SES over business priorities, a person familiar with the situation told CNBC. It also wasn't clear whether the merger would lead to more value creation compared with Intelsat continuing on its own, the person said. The person spoke on condition of anonymity to discuss non-public matters.
The merger would have created a combined U.S. and European business valued at over $10 billion, as has previously been reported.
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