Company: SGBAF
Filing Date: 2025-01-17
Form Type: DRS/A
Source: 0000950123-25-000378
Chunk: 83

Company: SES S.A.
Filing Date: 2025-01-17
Form: DRS/A
Chunk 83
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 | Likelihood of Completion. The SES Board considered the regulatory approvals required to consummate the                                                                                                                                              
 transaction and the expectation of SES’s management that the Transactions would be approved by the requisite governmental authorities on a timely basis, without the imposition of conditions that would materially adversely affect the businesses 
 of the Combined Group after the Transactions.                                                                                                                                                                                                       |

The SES Board also identified and considered certain potentially negative factors in its deliberations to be balanced against the positive factors, including:

| • |     | the costs and expenses associated with the Transactions; |

| • |     | the possibility that SES would be required to pay a Termination Fee to or reimburse a certain amount of expenses                                              
 of Intelsat under certain circumstances, as more fully described under the section of this prospectus titled “The Share Purchase Agreement—Termination Fees”; |

| • |     | the provisions of the Share Purchase Agreement that place restrictions on the interim operations of SES and its                                                                                           
 subsidiaries pending the Closing, as described under the section of this prospectus titled “The Transaction—Covenants and Agreements—Conduct of Businesses of SES Pending Completion of the Transaction”; |

| • |     | the significant amount of indebtedness that SES would incur in connection with the Transactions; |

| • |     | the potential payments under the CVRs that SES would become responsible for in connection with the Transactions; |

| • |     | the risk that the Transactions might not be consummated despite the parties’ efforts or that the Closing may 
 be unduly delayed; and                                                                                       |

54

Confidential Treatment Requested by SES Pursuant to 17 C.F.R. Section 200.83

| • |     | the other risks described under the sections of this prospectus titled “Cautionary Statement Regarding 
 Forward-Looking Statements” and “Risk Factors.”                                                        |

After consideration of these factors, the SES Board determined that, overall, the potential benefits of the Transactions outweighed the potential risks. This discussion of the information and factors considered by the SES Board includes the material positive and negative factors considered by the SES Board, but it is not intended to be exhaustive and may not include all the factors considered by the SES Board. The SES Board did not quantify or assign any relative or specific weights to the various factors that it considered in reaching its determination to approve the Share Purchase Agreement and the Transactions. Rather, the SES Board viewed its position and recommendation as being based on the totality of the information presented to and factors considered by it. In addition,