SES, Intelsat near deal to create $10 bln satellite giant- Bloomberg News

French satellite firm Eutelsat is in the process of buying Britain's OneWeb, with the deal expected to be finalised in the second or third quarters of this year and aiming to offer fast internet services by satellite. The Paris-listed shares of Luxembourg-based SES rose 3.4% on the report of the two sides nearing a deal, according to traders.

Satellite company SES SA is in talks to combine with U.S. rival Intelsat SA in a deal valued at more than $10 billion including debt, Bloomberg News reported on Wednesday.

SES is aiming to reach an agreement with Intelsat as soon as the next few weeks, the report said, citing sources. The two companies did not immediately respond to a request for comment. Merger talks between the two were first reported by the Financial Times last August, signalling further consolidation in the rapidly changing satellite Internet industry to challenge the likes of Elon Musk-owned SpaceX's Starlink and Amazon.com's Project Kuiper.

Demand for satellite launches is expected to accelerate after recent sanctions sidelined the Russian space launch industry, and giant satellite constellations could offer a new channel to beam broadband Internet from space. French satellite firm Eutelsat is in the process of buying Britain's OneWeb, with the deal expected to be finalised in the second or third quarters of this year and aiming to offer fast internet services by satellite.

The Paris-listed shares of Luxembourg-based SES rose 3.4% on the report of the two sides nearing a deal, according to traders.

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