Company: SGBAF
Filing Date: 2025-04-23
Form Type: DRS/A
Source: 0000950123-25-003652
Chunk: 10

Company: SES S.A.
Filing Date: 2025-04-23
Form: DRS/A
Chunk 10
---
 Intelsat have entered into a Share Purchase Agreement, pursuant to which SES will acquire the Intelsat Group through the transactions contemplated thereby, including the Acquisition, the Liquidation, and the other
transactions contemplated by the Share Purchase Agreement and the ancillary agreements of the Share Purchase Agreement (collectively, the “Transactions”). The prospectus provides details of the Acquisition, including the transactions
contemplated thereby, the consideration Intelsat shareholders will receive upon completion of the Acquisition and Liquidation, including the CVR Consideration, and the rights of the Holders.

Q: What is the Acquisition and what will happen to Intelsat as a result of the Acquisition?

A: The Acquisition is an acquisition of the Intelsat Group by SES pursuant to the Share Purchase Agreement. The Acquisition is
structured as the acquisition by SES of 100% of the outstanding shares of Holdings and Intelsat’s assets, subject to certain exceptions, as well as the assumption by SES of Intelsat’s liabilities, subject to certain exceptions, in each
case, subject to the terms and conditions of the Share Purchase Agreement. Once the Closing conditions under the Share Purchase Agreement have been satisfied or waived and the Closing has occurred, and subject to the other terms and conditions of
the Share Purchase Agreement, Intelsat will commence its Liquidation pursuant to the terms of the Share Purchase Agreement and SES will issue the CVRs to Intelsat, which will subsequently be distributed by Intelsat to Intelsat’s shareholders
(including holders of Intelsat’s vested RSUs and PSUs) pursuant to the Liquidation.

Q: Is Intelsat shareholder approval required to consummate the Acquisition?

A: Yes. Consummation of the Acquisition is conditioned on the affirmative two-thirds majority vote of all the votes validly cast at a meeting of Intelsat’s shareholders that is convened in accordance with applicable law and Intelsat’s organizational documents (the “Intelsat
Shareholder Meeting”) to approve (i) the Acquisition and (ii) the opening of the Liquidation (such resolutions for approval of clauses (i) and (ii), the “Intelsat Shareholder Approval Resolutions”) (such approval, the
“Intelsat Shareholder Approval”).

Although Intelsat’s shareholders are required to approve the Acquisition, Intelsat is
not subject to the federal proxy rules nor is it a public reporting company, and as such, a shareholder’s recourse against Intelsat may be limited under the federal securities