Company: SGBAF
Filing Date: 2025-05-15
Form Type: 424B3
Source: 0001193125-25-120606
Chunk: 21

Company: SES S.A.
Filing Date: 2025-05-15
Form: 424B3
Chunk 21
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holder Approval is not obtained (the “Vote Condition Termination Fee”), (iii) SES
may be required to pay a termination fee in the form of a cash amount equal to $250 million (the “Regulatory Condition Termination Fee” and together with the Breach Termination Fee and the Vote Condition Termination Fee, each, a
“Termination Fee”, and, collectively, the “Termination Fees”) to Intelsat if the Share Purchase Agreement is terminated by either Intelsat or SES because a required pre-Closing Regulatory
Approval was not satisfied or waived at or prior to the Closing and (iv) SES will be required to negotiate in good faith to

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prepare and execute a commercial agreement with Intelsat that would provide Intelsat with additional satellite capacity (the “Commercial Agreement”) if the Share Purchase Agreement is
terminated in circumstances in which the Breach Termination Fee or the Regulatory Condition Termination Fee is payable by SES to Intelsat.

For more detail on the Termination Fees and the Commercial Agreement, please see “The Share Purchase Agreement– Termination Fees and Commercial Agreement” beginning on page 83.

SES’s Reasons for the Acquisition

The SES board of directors (the “SES Board”) has unanimously (i) deemed it advisable and resolved that it is in the corporate
interest of SES to enter into the Share Purchase Agreement, the Acquisition, the CVR Agreement and the transactions contemplated thereby and (ii) approved, and to the extent necessary, ratified the terms of the transactions contemplated by the
Share Purchase Agreement, the Acquisition, the CVR Agreement and the transaction documents. For additional information on the factors considered by the SES Board in reaching this decision, please see the section titled “About the Acquisition — SES’s Reasons for the Transactions” beginning on page 53 of this prospectus.

Intelsat’s Reasons for the Acquisition

The Intelsat Board unanimously (i) determined that the terms of the Share Purchase Agreement and the
ancillary agreements related thereto are in the best interests of Intelsat, (ii) approved the Transactions, the Share Purchase Agreement and the ancillary agreements related thereto and (iii) recommended that Intelsat’s shareholders
approve the Share Purchase Agreement and the Transactions at a duly held meeting of Intelsat’s shareholders. For additional information on the factors considered by the Intelsat Board in reaching this decision, please see the section titled
“About the Acquisition — Intelsat’s Reasons for the Transactions” beginning on page