Company: SGBAF
Filing Date: 2025-04-01
Form Type: DRS/A
Source: 0000950123-25-003272
Chunk: 36

Company: SES S.A.
Filing Date: 2025-04-01
Form: DRS/A
Chunk 36
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 integration-related costs in connection with the Acquisition. SES expects to incur a number of non-recurringcosts associated with the Acquisition and combining the operations of the two companies. SES will incur significant transaction costs related to the Acquisition, including with respect to the financing for the Closing Cash Consideration to be paid to Intelsat. SES will also incur significant integration related fees and costs related to formulating and implementing integration plans, including facilities and systems consolidation costs and employment-related costs. SES continues to assess the magnitude of these costs, and additional unanticipated costs may be incurred in the Acquisition and the integration of the two companies’ businesses. While SES has assumed that a certain level of transaction expenses will be incurred, factors beyond SES’s control, such as certain of Intelsat’s expenses, could affect the total amount or the timing of these expenses Although SES expects that the elimination of duplicative costs, as well as the realization of other efficiencies related to the integration of the businesses should allow SES to offset integration-related costs over time, this net benefit may not be achieved in the near term, or at all. 25

Confidential Treatment Requested by SES

Pursuant to 17 C.F.R. Section 200.83

In addition, future events and conditions could decrease or delay the accretion that is
currently projected, including adverse changes in market conditions, additional transaction and integration-related costs and other factors such as the failure to realize some or all of the anticipated benefits of the Acquisition.

Following the Closing, a significant amount of the Combined Group’s total assets will be related to acquired intangible assets and
goodwill, which are subject to annual impairment reviews, or more frequent reviews if events or circumstances indicate that the carrying value may not be recoverable. Because of the significance of these assets, any charges for impairment as well as
amortization of intangible assets could have a material adverse effect on the Combined Group’s results of operations and financial condition.

The indebtedness of the Combined Group following completion of the Acquisition will be substantially greater than SES’s indebtedness on a stand-alone basis and greater than the combined indebtedness of SES and Intelsat existing prior to the announcement of the Acquisition. This increased level of indebtedness could adversely affect the Combined Group’s business flexibility and increase its borrowing costs. Any resulting downgrades in SES’s credit ratings could adversely affect SES and/or the Combined Group’s respective businesses, cash flows, financial condition and operating results.

SES expects to incur acquisition-related debt financing of approximately $3 billion (inclusive