Company: SGBAF
Filing Date: 2025-01-17
Form Type: DRSLTR
Source: 0000950123-25-000379
Chunk: 1

Company: SES S.A.
Filing Date: 2025-01-17
Form: DRSLTR
Chunk 1
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 Clarify that although Intelsat shareholders are required to approve the Acquisition, Intelsat is not subject                                                
 to the federal proxy rules or a public reporting company, so a shareholder’s recourse against the company may be limited under the federal securities laws. |

Gibson, Dunn & Crutcher LLP 200 Park Avenue | New York, NY 10166-0193 | T: 212.351.4000 | F: 212.351.4035 | gibsondunn.com

Laura Veator Stephen Krikorian January 17, 2025 Page 2 Response: The Company acknowledges the Staff’s comment and has revised page 4 of Amendment No. 1 accordingly. Q: What are the CVRs?, page 5

| 3. | Rather than just relying upon a cross reference, please include a brief Plain English description of what 
 the CVRs are intended to represent.                                                                       |

Response: The Company acknowledges the Staff’s comment and has revised page 5 of Amendment No. 1 accordingly. Risks related to the Transactions, page 17

| 4. | Include a risk factor highlighting the fact that although the receipt of the CVRs are contingent upon the                                                                                                                                            
 Liquidation occurring, Intelsat is not an issuer in this transaction, so a shareholder’s rights under the federal securities laws relating to the Acquisition, issuance of the CVRs and Liquidation against Intelsat or its management and directors 
 will be limited.                                                                                                                                                                                                                                     |

Response: The Company acknowledges the Staff’s comment and has revised page 17 and page 29 of Amendment No. 1 accordingly. Risk Factors SES relies on a limited number of launch providers to launch its satellites, page 34

| 5. | You indicate in this and the following risk factor that you are dependent upon a limited number of launch                                                                                                                                             
 providers and a small number of satellite manufacturers. To the extent you are substantially dependent on any providers or manufacturers, please disclose the material terms of your agreements with them and file the agreements as exhibits to your 
 registration statement. Refer to Item 21 of Form F-4 and Item 601(b)(10)(ii) of Regulation S-K.                                                                                                                                                       |

Response: The Company respectfully acknowledges the Staff’s comment and advises the Staff that it has revised the disclosure on page 33 of Amendment No. 1 in response to the Staff’s comment. The Company also respectfully advises the Staff, that although SES believes that its risk disclosures are appropriate with respect to the limited number