Company: SGBAF
Filing Date: 2025-04-23
Form Type: DRS/A
Source: 0000950123-25-003652
Chunk: 4

Company: SES S.A.
Filing Date: 2025-04-23
Form: DRS/A
Chunk 4
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 transferable, subject to applicable
restrictions under securities law. There is currently no public market for the CVRs. SES has no current plans to apply to list the CVRs on any stock exchange or on an
over-the-counter market and is under no obligation to do so. If the CVRs begin trading in the
over-the-counter market or if SES determines, in its sole discretion, to list the CVRs on a securities exchange, there is no assurance that such trading or listing will
continue. Additionally, the U.S. federal income tax considerations arising from ownership and disposition of the CVRs are uncertain. For more information, please see the sections entitled “Related Agreements—Contingent Value Right Agreement” beginning on page 86 and “U.S. Federal Income Tax Considerations of the Transactions— U.S. Federal Income Tax Considerations of the Ownership and Disposition of CVRs” beginning on page 96.

As of April 11, 2025, according to Intelsat, there were 68,388,120 shares of Intelsat common shares outstanding, 1,929,380 PSUs outstanding
and 615,165 RSUs outstanding. Accordingly, we have calculated that a maximum of approximately 70,932,665 CVRs will be issuable by SES pursuant to the Share Purchase Agreement. It is currently anticipated that the Acquisition will close in the second
or third quarter of 2025.

This is not a proxy statement. We are not asking you for a proxy and you are requested not to send us a proxy. This document is a prospectus for SES’s CVRs that will be issued to Intelsat as part of the consideration for the Acquisition. The accompanying disclosure documents contain detailed information about the Acquisition and the CVRs. You should read this prospectus carefully in its entirety. In particular, please read the section titled “Risk Factors” beginning on page 24 for a discussion of risks that you should consider in evaluating the Acquisition, the transactions contemplated thereby and the CVRs described in this prospectus.

Neither the Securities and Exchange Commission (the
“SEC”) nor any state securities commission has approved or disapproved of the securities offered in this prospectus, passed on the merits or fairness of the transaction, or passed upon the adequacy or accuracy of this prospectus. Any
representation to the contrary is a criminal offense.

The date of this prospectus is , 2025

Confidential Treatment Requested by SES Pursuant to 17 C.F.R. Section