Company: SGBAF
Filing Date: 2025-04-01
Form Type: DRS/A
Source: 0000950123-25-003272
Chunk: 72

Company: SES S.A.
Filing Date: 2025-04-01
Form: DRS/A
Chunk 72
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4, Mr. Potarazu and representatives of Guggenheim Securities contacted representatives of PJT Partners to request an
in-person meeting with Ms. Yoon to discuss a potential all-cash offer by SES to acquire Intelsat. PJT Partners notified Mr. Wajsgras of the request.

On March 11, 2024, Ms. Yoon, Mr. Potarazu and representatives of PJT Partners and Guggenheim Securities met in Newport Beach,
California and via video conference. At the meeting, Mr. Potarazu, on behalf of SES, proposed that SES would acquire Intelsat (the “Proposed Acquisition”) for $3.0 billion in cash and CVRs entitling Intelsat’s equity holders
to 20% of the net proceeds of any C-band spectrum monetization by the combined company (such percentage, the “CVR Net Proceeds Split”) during the 5-year period
following the Closing (the “CVR Term”). Mr. Potarazu also proposed (i) a reverse termination fee payable by SES to Intelsat if the Share Purchase Agreement were terminated due to the failure of the parties to obtain a required
regulatory approval (the “Proposed Regulatory Reverse Termination Fee”) of $200 million and (ii) that the holders of two-thirds of Intelsat common shares would enter into voting and support
agreements. Ms. Yoon told Mr. Potarazu that SES should submit a formal written proposal to the Intelsat Board along with a draft definitive transaction agreement reflecting SES’s proposed terms for the Proposed Acquisition, and
Mr. Potarazu indicated that SES would do so.

In mid-March 2024, Intelsat formally retained
PJT Partners as its financial advisor in connection with the Proposed Acquisition.

SES was permitted to conduct certain bring down
business and financial due diligence from March 12, 2024 to March 19, 2024 in order for SES to be appropriately informed if it decided to submit a written proposal to the Intelsat Board.

On March 18, 2024, Adel Al-Saleh, SES’s new Chief Executive Officer, and Mr. Wajsgras
met in Washington, D.C. to discuss the general terms of a nonbinding proposal letter that could be sent as early as the following day. Mr. Wajsgras acknowledged the economics of the proposal as stated by
Mr. Al-Saleh, but provided no feedback.

On