SES is a Luxembourg-based satellite operator — one of the largest in the world — that provides space-based communications services globally. SES completed its acquisition of Intelsat in July 2025, giving it a combined fleet of nearly 120 GEO and MEO satellites, supported by over 150 teleports and 600,000 km of terrestrial fiber. SES operates two core businesses: Networks and Media. The Networks business sells broadband connectivity and data transmission services to enterprises, governments, airlines, and maritime customers, with key verticals in government, aviation, maritime, and fixed data for telecom operators and cloud providers. The Media business distributes TV channels via satellite to pay-TV platforms and broadcasters, though it is a mature, declining segment as viewers shift to streaming. SES sells primarily to large enterprise and institutional customers through direct relationships and long-term contracts, with video contracts typically running five to seven years and connectivity contracts running one to five years. The traditional model involves leasing raw satellite transponder capacity, but SES is shifting toward fully managed, end-to-end connectivity solutions — particularly in aviation and maritime — which carry higher revenue per customer. SES argues that combining GEO, MEO, and LEO satellites into integrated multi-orbit solutions is a key differentiator. The business is asset-heavy, with costs driven by satellite construction, launch, and depreciation over 12–15 years. SES paid $2.6B for Intelsat and projects €2.4B in NPV synergies from combining overlapping infrastructure and back-office functions.