SES Global S.A. will pay $760 million to acquire New Skies Satellite Holdings Ltd., the companies announced Dec. 14. The combination would solidify SES as the second largest global satellite operator behind the combined Intelsat-Panamsat.

“New Skies is poised to become SES’ third satellite infrastructure pillar, alongside Astra in Europe and Americom in North America and complementing SES’ existing participation in Asia and Latin America,” SES Global President and CEO Romain Bausch said in a statement. “New Skies’ fleet considerably strengthens out ability to provide satellite infrastructure and services in geographic regions and business segments with high growth rates. Furthermore, this acquisition provides SES with an existing cable neighborhood in Latin America and will facilitate the further development of SES’ government services.”

SES will pay $22.52 in cash for each New Skies share, as well as assume about $400 million in New Skies debt. The total transaction values New Skies at an enterprise value at closing of $1.16 billion.