SES to Buy Intelsat in $3.1 Billion Bid to Rival Musk’s Starlink

SES SA has agreed to buy Intelsat SA for $3.1 billion in cash to create a satellite giant that will better compete with billionaire Elon Musk’s Starlink, after reviving talks that fell apart last year.

The deal, which also includes contingent value rights, has been approved by both companies’ boards, the companies said in a statement on Tuesday, confirming an earlier Bloomberg News report. Closely held Intelsat’s investors, representing about 73% of common shares, have agreed to vote in favor of the deal, it said.

SES and Intelsat held discussions last year, though the talks collapsed after Intelsat ...