Company: SGBAF
Filing Date: 2025-05-15
Form Type: 424B3
Source: 0001193125-25-120606
Chunk: 167

Company: SES S.A.
Filing Date: 2025-05-15
Form: 424B3
Chunk 167
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 valuation of the CVRs at the acquisition date and subsequent reporting dates. Purchase price allocation The following table summarizes the assumed purchase price allocation million in EUR:

| Tangible assets                         |     |  3,313 |   |
| Orbital slot license rights             |     |    919 |   |
| Other intangible and non-current assets |     |    579 |   |
| Current assets                          |     |    684 |   |
| Cash and cash equivalents               |     |    960 |   |
| Borrowings                              |     | (2,888 | ) |
| Other non-current liabilities           |     | (1,335 | ) |
| Current liabilities                     |     |   (674 | ) |
| Net identifiable assets acquired        |     |  1,557 |   |
| Add: Goodwill                           |     |  1,477 |   |
| Net assets acquired                     |     |  3,034 |   |

In order to reflect the effects of the acquisition accounting explained above, a decrease in “Cash and cash equivalents” of €2,503 million is presented in relation to the purchase consideration paid and an increase in the “contingent value rights” of €531 million. An increase in “Goodwill” of €1,477 million (the equivalent of $1,535 million) reflects the goodwill resulting from the Acquisition. The pro forma pre-acquisitiongoodwill of Intelsat of €1,305 million (the equivalent of $1,356 million) has been decreased to zero resulting in a net effect to goodwill of €172 million which is presented under “Intangible assets” in the unaudited pro forma adjustments statement of financial position as at December 31, 2024.

| D. | Financing adjustments |

SES secured financing for the acquisition through an initial €3 billion bridge facility dated April 30, 2024 (the Bridge Facility), and a $1 billion Term Loan A Facility dated June 14, 2024 (the “TLA”). Upon entering the TLA, €930 million of the Bridge Facility was cancelled. Additionally, on September 12, 2024, the Company raised €1 billion in Hybrid financing, which similarly led to the cancellation of an equivalent portion of the Bridge Facility. Assuming the €1 billion subordinated hybrid notes (€500 million 30-year Non-Call 5.25-yeartranche and a €500 million 30-yearNC 8-yeartranche) were issued