Company: SGBAF
Filing Date: 2025-05-15
Form Type: 424B3
Source: 0001193125-25-120606
Chunk: 70

Company: SES S.A.
Filing Date: 2025-05-15
Form: 424B3
Chunk 70
---
 (ii) that the holders of two-thirds of Intelsat common shares would enter into voting and support
agreements. Ms. Yoon told Mr. Potarazu that SES should submit a formal written proposal to the Intelsat Board along with a draft definitive transaction agreement reflecting SES’s proposed terms for the Proposed Acquisition, and
Mr. Potarazu indicated that SES would do so.

In mid-March 2024, Intelsat formally retained
PJT Partners as its financial advisor in connection with the Proposed Acquisition.

SES was permitted to conduct certain bring down
business and financial due diligence from March 12, 2024 to March 19, 2024 in order for SES to be appropriately informed if it decided to submit a written proposal to the Intelsat Board.

On March 18, 2024, Adel Al-Saleh, SES’s new Chief Executive Officer, and Mr. Wajsgras
met in Washington, D.C. to discuss the general terms of a nonbinding proposal letter that could be sent as early as the following day. Mr. Wajsgras acknowledged the economics of the proposal as stated by
Mr. Al-Saleh, but provided no feedback.

On March 19, 2024, Mr. Al-Saleh sent to the Chairperson of the Intelsat Board, a nonbinding proposal letter (the “March 19 Proposal”), setting forth proposed terms for the Proposed Acquisition, including that SES would
acquire Intelsat for $2.8 billion in cash and CVRs with a 20% CVR Net Proceeds Split and a 5-year CVR Term. Mr. Al-Saleh also sent an initial draft of the
Share Purchase Agreement. The initial draft of the Share Purchase Agreement included, among others, the following terms: (i) the purchase price would be reduced,
dollar-for-dollar, for any Intelsat shareholder dividends, repurchases or redemptions made since January 29, 2024, and that all such Intelsat shareholder dividends,
share repurchases or share redemptions would not exceed $500 million (the “Shareholder Return Adjustment” and the “Shareholder Return Cap”, respectively); (ii) the purchase price would be reduced, dollar-for-dollar, for any expenses of Intelsat payable to third parties prior to

50

the Closing in connection with the Transactions (the “Third-Party Transaction Expenses”) in excess of $75 million; (iii) the