Company: SGBAF
Filing Date: 2025-04-29
Form Type: F-4
Source: 0001193125-25-103898
Chunk: 168

Company: SES S.A.
Filing Date: 2025-04-29
Form: F-4
Chunk 168
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 expenses” for the year ended December 31, 2024 in order to reflect these total estimated expenses for the SES Group in the unaudited pro forma condensed combined income statement. Also, an adjustment reflecting a €54 million increase in payables in respect of transaction costs has been presented under “Trade and other payables” as at December 31, 2024 with a corresponding effect in “Retained Earnings”.

| C. | Preliminary purchase consideration and allocation |

The Acquisition will be accounted for as a business combination using the acquisition method of accounting in accordance with IFRS 3. Under this method, Intelsat Group’s assets acquired and liabilities assumed will be recorded based on their fair value. In accordance with IFRS, the SES Group measures fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. SES does not have full access to all financial information of the Intelsat Group due to regulatory restrictions. However, for the purpose of pro forma financial information the Company believes based on information available to the Company that the carrying values in the historical financial statements of Intelsat reasonably approximate to the fair values. As a result, for the purpose of these pro forma financial information, the assumed allocation of the estimated purchase price is based upon the carrying value of Intelsat’s assets and liabilities acquired which are assumed to approximate fair value. The actual fair values of assets and liabilities will be determined after the completion of the Acquisition and may vary materially from the assumed allocated presented herein. 122

Preliminary purchase consideration SES will pay $3.1 billion (€3.0 billion) in cash at the Closing to acquire 100% of Intelsat’s equity, as well as issue CVRs (as outlined below), which are deemed to be contingent consideration, and for which the preliminary pro forma fair value has been calculated below. Contingent Value Rights The CVRs will be issued to Intelsat’s current shareholders (including holders of Intelsat’s vested RSUs and PSUs) at the Closing as part of the consideration for the Acquisition. The CVRs attributable to those existing shareholders is 42.5% of the net proceeds of a follow-on C-bandrepurposing were such a program to be initiated by the FCC within 7.5 years of the Closing. Under the CVR Agreement, the holder is entitled to receive an amount equal to 42.5% of the cumulative net proceeds