(Reuters) -Intelsat SA has ended negotiations to combine with SES SA as it was not able to reach an agreement with the satellite company and its major stakeholders, Bloomberg News reported on Wednesday citing people familiar with the matter.
SES had said in March it was in talks with Luxembourg-based Intelsat over a possible combination of their businesses that would create an industry giant.
Bloomberg News reported in March the two companies were nearing a deal valued at more than $10 billion, including debt.
Intelsat, which emerged from bankruptcy last year, told Reuters it engages in strategic conversations with potential partners regularly and it does not publicly comment on the content or outcome of those discussions.
SES did not immediately respond to a request for comment.
A merger between the two would have signaled 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.
(Reporting by Nilutpal Timsina in Bengaluru; Editing by Krishna Chandra Eluri)