Company: SGBAF
Filing Date: 2025-04-01
Form Type: DRSLTR
Source: 0000950123-25-003273
Chunk: 3

Company: SES S.A.
Filing Date: 2025-04-01
Form: DRSLTR
Chunk 3
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 a valuation       
 specialist to perform purchase price allocation for purposes of business combination accounting and to assist in the assessment of the fair value of the CVRs. However, the factors you identify appear to relate to uncertainties that would still be  
 present once the acquisition has closed, rather than specific information that you need to estimate the fair value, incorporating these uncertainties. Please further clarify how you considered including a provisional amount for this liability in a 
 future amendment as of the most recent practicable date prior to the effectiveness of your registration statement or presenting a range of possible outcomes. Clarify the specific information that you do not have with respect to facts and           
 circumstances that exist as of this date preventing you from estimating a provisional amount. Also, tell us how you considered information used in the negotiations of the terms of this transaction in determining a provisional amount or a range of  
 possible outcomes. In this regard, your disclosures should include information that will enable readers to understand the magnitude of the liability. Refer to Article 11-02(a)(10) and(11)(ii)(A) and (B) of Regulation S-X.                           |

| 2. | Clarify how you will evaluate whether the factors used by the valuation specialist to determine the fair                                                                                                                                             
 value of the CVRs after the acquisition has closed reflect information about facts and circumstances that existed as of the acquisition date rather than results from events that occurred after the acquisition date. In this regard, your response 
 appears to refer to activities and events that will take place after the acquisition has closed that you will use to determine the fair value. Refer to paragraphs 45 and 47 and IFRS 3.                                                             |

The Company acknowledges the Staff’s comment and confirms that its next submission will contain the required unaudited pro forma condensed combined financial information prepared in accordance with Article 11 of Regulation S-X and it will address accounting for the CVRs, including the items identified by the Staff in its March 21, 2025 comment letter. * * * If the Staff of the SEC has any questions or comments regarding the foregoing, please contact the undersigned, Eric Scarazzo, of Gibson, Dunn & Crutcher LLP by telephone at (212) 351-2389or via email at EScarazzo@gibsondunn.com. Sincerely, SES S.A.

| By: |     | /s/ Sandeep Jalan       |
|     |     | Sandeep Jalan           |
|     |     | Chief Financial Officer |