Company: SGBAF
Filing Date: 2025-01-17
Form Type: DRSLTR
Source: 0000950123-25-000379
Chunk: 0

Company: SES S.A.
Filing Date: 2025-01-17
Form: DRSLTR
Chunk 0
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January 17, 2025 VIA EDGAR Laura Veator Stephen Krikorian Securities and Exchange Commission Division of Corporation Finance Office of Real Estate & Construction 100 F Street, NE Washington, D.C. 20549-3561

| Re: |     | SES S.A.                             
 Draft Registration Statement on Form 
 F-4                                  
 Submitted November 8, 2024           |
|:----|:----|:-------------------------------------|
|     |     | CIK No. 0001347408                   |

Dear Ms. Veator and Mr. Krikorian: On behalf of SES S.A.(the “ Company”), please find responses to the comments of the staff of the Securities and Exchange Commission (the “ Staff”) contained in the Staff’s letter dated December 5, 2024 (the “ Comment Letter”) regarding the Draft Registration Statement on Form F-4submitted on a confidential basis by the Company on November 8, 2024(the “ Draft Registration Statement”). Capitalized terms used but not defined herein have the respective meanings ascribed to them in the Registration Statement. Set forth below in italics are the comments contained in the Staff’s Comment Letter pertaining to the Draft Registration Statement. Immediately below each of the Staff’s comments is the Company’s response to that comment. For the convenience of the Staff’s review, each of the numbered paragraphs below correspond to the numbered comment in the Staff’s Comment Letter. The Company is concurrently confidentially providing to the SEC Amendment No. 1 to the Draft Registration Statement, as filed on EDGAR on the date hereof (“ Amendment No. 1”). Presentation of Financial and Other Information, page 2

Please also ensure your pro forma financial statements describe how you will account for the Contingent Value Rights (CVRs) and the authoritative accounting literature upon which you are relying. Disclose the methodology used to value the CVR’s, the significant assumptions made, and the potential future impacts to your financial statements. Response: The Company acknowledges the Staff’s comment and confirms that it will file pro forma financial information required by Article 11 of Regulation S-Xwhen it provides the financial statements for the year ended December 31, 2024 in Amendment No. 2 to the Draft Registration Statement. Such pro forma financial information will address the accounting for the CVRs, including the items identified by the Staff in its comment. Q: Is Intelsat shareholder approval required to consummate the Acquisition?, page 4

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