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SES Appoints Aerospace Veteran Elisabeth Pataki as New CFO Amid Intelsat Acquisition

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European satellite operator SES announced on Friday the appointment of Elisabeth Pataki as its new chief financial officer, effective June 16. Pataki, currently CFO of Aerojet Rocketdyne, a unit of aerospace and defense giant L3Harris, will succeed Sandeep Jalan in the role.

SES CEO Adel Al-Saleh praised Pataki’s extensive experience in the aerospace sector and highlighted her successful track record in managing complex M&A finance integrations. This expertise comes as SES pursues a major $3.1 billion acquisition of Intelsat, a deal set to be one of the decade’s largest in the satellite industry and aimed at challenging SpaceX’s Starlink dominance.

The satellite sector is undergoing significant disruption as Starlink’s rapid expansion pressures traditional operators like SES, raising concerns about their financial stability. SES carries over $5 billion in total debt and has seen its five-year credit default swap (CDS) spreads climb to 235 basis points recently, signaling increased investor worries over default risk.

Despite this, SES confirmed in April that it has secured full financing for the Intelsat acquisition, which is currently awaiting approval from European antitrust authorities. The deal is seen as a strategic move to strengthen SES’s competitive position in a rapidly evolving market.

DoorDash to Acquire UK’s Deliveroo in $3.9 Billion Deal Amid Global Delivery Sector Shakeup

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U.S. food delivery giant DoorDash announced on Tuesday that it will acquire British rival Deliveroo in a $3.85 billion (2.9 billion GBP) deal, aiming to expand its footprint in Europe and compete more aggressively against Uber Eats and Just Eat. The move also marks one of the largest consolidation deals in the global meal delivery space.

The deal values Deliveroo at 180 pence per share, a notable discount from its 2021 IPO price of 390 pence, but a premium to recent trading levels. Deliveroo’s shares rose about 2% following the announcement but remained below the offer price.

Deliveroo CEO and co-founder Will Shu acknowledged the valuation gap, saying the IPO occurred in a very different economic and interest rate environment, and emphasized that joining forces with a larger player would better position Deliveroo to succeed in a crowded and competitive market.

Sector Consolidation Accelerates

The deal comes amid a wave of consolidation in the meal delivery industry, which has faced mounting inflation, dampened consumer spending, and scaling difficulties.

  • Also on Tuesday, DoorDash said it would acquire SevenRooms, a hospitality software firm, for $1.2 billion.

  • Meanwhile, Uber announced an $700 million acquisition of Trendyol Go, strengthening its presence in Turkey and the Middle East.

According to the companies, DoorDash and Deliveroo combined processed about $90 billion in orders in 2024, serving a total of 49 million monthly active users. The acquisition will give DoorDash access to Deliveroo’s largest markets, including the UK, Ireland, Italy, France, and the UAE.

DoorDash CEO Tony Xu noted the deal would allow DoorDash to scale investments in Europe and introduce new products, helping it challenge entrenched local players.

Investor Reactions and Deal Conditions

Despite the long-term growth potential, DoorDash shares fell 7%, partly due to a cautious profit forecast and broader investor concerns about consumer demand.

Deliveroo has secured support from shareholders controlling 15.4% of shares, including Shu, Greenoaks, and DST Global. However, the deal requires approval from 75% of Deliveroo’s shareholders to proceed. Analysts flagged the notable absence of Amazon, which holds a 14.38% stake, as a potential wildcard. Amazon has declined to comment, but remains a possible counter-bidder.

DoorDash stated it will not raise its offer unless another bidder emerges.

The acquisition is not expected to face major regulatory challenges, as DoorDash has little to no presence in Deliveroo’s 10 core markets.

JSR’s Incoming CEO to Prioritize Financial Recovery, Shifts Away from M&A Plans

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Tetsuro Hori, the incoming CEO of Japanese chip materials maker JSR, has signaled a strategic shift in focus toward financial recovery rather than industry consolidation. Hori, who will assume his role on April 1, emphasized that JSR’s current financial struggles make it unprepared for acquisitions.

Key Priorities and Potential Divestment

Hori highlighted the urgent need to improve JSR’s life sciences business, which has suffered losses and impacted overall performance. Industry speculation has grown regarding a possible sale of the division, a scenario Hori has not ruled out. “JSR might not be the best owner of the life science business,” he admitted, though he stressed that any decision would depend on improved financial performance.

Change in Strategy from Previous Leadership

Under outgoing CEO Eric Johnson, JSR was taken private last year in a $6 billion buyout by Japan Investment Corp (JIC). Johnson had argued that being privately held would enable JSR to pursue mergers and acquisitions more freely. However, this approach has faced skepticism within the industry, and Hori now indicates a more cautious stance.

“M&A must be supported by customers and create value,” Hori stated, implying that large-scale acquisitions are not currently on the agenda.

Industry Partnerships and Financial Outlook

While Hori acknowledged the possibility of collaborations, he noted that there have been no discussions with Resonac, another chip materials maker, despite industry speculation about potential synergies when JIC eventually exits JSR.

Financially, JSR reported a net loss of 22.2 billion yen ($148 million) for the six-month period ending September 30. Hori aims to restore profitability by the fiscal year ending March 2026.