Company: SGBAF
Filing Date: 2025-05-15
Form Type: 424B3
Source: 0001193125-25-120606
Chunk: 66

Company: SES S.A.
Filing Date: 2025-05-15
Form: 424B3
Chunk 66
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 Intelsat and SES executed a confidentiality agreement and
(ii) Mr. Collar sent Mr. Wajsgras a nonbinding offer letter, which set forth certain high-level proposed terms for a stock-for-stock combination of
Intelsat and SES (the “Initial Proposed Transaction”), that would result, among other things, in Intelsat’s shareholders owning approximately 40% of the combined company’s economic interests on a fully diluted basis (the
“Initial Proposed Economic Ownership Split”).

On June 1, 2022, at the direction of representatives of Intelsat,
representatives of PJT Partners LP, a financial advisor to Intelsat (“PJT Partners”), had a discussion with representatives of Guggenheim Securities, LLC, a financial advisor to SES (“Guggenheim Securities”), to ask a series of
clarification questions regarding the Initial Proposed Transaction and discuss the agenda for an in-person meeting to be held in Washington, D.C. later in June 2022.

On June 14, 2022, representatives of Intelsat (including Mr. Wajsgras, Anthony O’Brien (Intelsat’s Chief Financial
Officer) and Michelle Bryan (Intelsat’s General Counsel)), SES (including Mr. Collar, Sandeep Jalan (SES’s Chief Financial Officer) and Greg Orton (SES’s Vice President of Mergers and Acquisitions)), PJT Partners and Guggenheim
Securities met at the Washington, D.C. offices of Skadden, Arps, Slate, Meagher and Flom LLP (Intelsat’s legal counsel in connection with the Initial Proposed Transaction (“Skadden”)) to discuss the rationale for the Initial Proposed
Transaction, business and financial updates for the respective companies, and certain terms of the Initial Proposed Transaction, including the Proposed Economic Ownership Split and terms related to the governance and integration of the combined
company (“Proposed Governance Terms”). Intelsat provided to SES a preliminary, high-level reaction to the Initial Proposed Transaction based on public information, including a view that the appropriate ownership split should be 50/50 and
that the transaction should be a merger-of-equals from a governance perspective.

In July 2022, (i) members of Intelsat management and members of SES management made management presentations to each other at Skadden’s
Washington, D.C. offices and (ii) the Intelsat Board discussed on two occasions the Initial Proposed Transaction with Messrs. Wajsgras and O’Brien