Company: SGBAF
Filing Date: 2025-04-29
Form Type: F-4
Source: 0001193125-25-103898
Chunk: 172

Company: SES S.A.
Filing Date: 2025-04-29
Form: F-4
Chunk 172
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 (674 | ) |
| Net identifiable assets acquired        |     |  1,557 |   |
| Add: Goodwill                           |     |  1,958 |   |
| Net assets acquired                     |     |  3,515 |   |

In order to reflect the effects of the acquisition accounting explained above, a decrease in “Cash and cash equivalents” of €2,984 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 €1,958 million (the equivalent of $2,034 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 the net effect to goodwill of €653 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 on January 1, 2024 with an coupon that reflects current interest rates (the NC 5.25-yearnotes bear a coupon of 5.5% per annum, while the NC 8-yearnotes will bear a coupon of 6% per annum), interest expense (including amortization of loan origination costs) of €40 million would have been incurred during the period starting from January 1, 2024 till September 11, 2024 and is reflected in the unaudited condensed combined pro forma income statement. An additional expense of €12 million was reflected in the unaudited condensed combined pro forma income statement in respect of loan origination costs related to the bridge facility and the