Company: SGBAF
Filing Date: 2025-04-29
Form Type: F-4
Source: 0001193125-25-103898
Chunk: 28

Company: SES S.A.
Filing Date: 2025-04-29
Form: F-4
Chunk 28
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 Transactions” beginning on page 94 for a more detailed explanation.

16

Luxembourg Tax Considerations of the Transactions Because the Luxembourg Holders are not participating in any exchange pursuant to the Acquisition, Luxembourg Holders will not realize any gain or loss for Luxembourg income tax purposes as a result of the Acquisition, including the acquisition by SES of Intelsat’s assets, subject to certain exceptions, and 100% of the outstanding shares of Holdings, as well as the assumption by SES of certain liabilities of Intelsat, in each case, subject to the terms and conditions of the Share Purchase Agreement. Following the Acquisition, in the Liquidation, Intelsat will liquidate and distribute its remaining assets to Intelsat’s shareholders. As a result of the Liquidation, for Luxembourg income tax purposes, a Luxembourg Holder of Intelsat common shares generally will recognize either capital gain or loss or, for certain Luxembourg corporate Holders meeting the conditions of Article 166 ITL, will be deemed receiving dividends for the cash and CVRs distributed pursuant to the Liquidation. Because individual circumstances may differ, each Luxembourg Holder is strongly recommended to consult its tax advisor to fully understand the tax considerations of the Acquisition and the Liquidation to such holder in light of its particular circumstances. See “ Luxembourg Tax Considerations of the Transactions” beginning on page 98 for a more detailed explanation. SUMMARY RISK FACTORS Risks Relating to the Transactions

| • |     | The Acquisition is subject to closing conditions that could result in the completion of the Acquisition being                      
 delayed or not consummated, which could negatively impact SES’s or Intelsat’s future business, operations and financial condition. |

| • |     | If the Acquisition is completed, SES may fail to realize the anticipated benefits and cost savings of the                                                                                                                                                
 Acquisition, which could adversely affect SES. In addition, the future results of the Combined Group may be adversely impacted if the Combined Group does not effectively manage its expanded operations following completion of the Acquisition and the 
 Transactions.                                                                                                                                                                                                                                            |

| • |     | SES will incur significant transaction and integration-related costs in connection with the Acquisition. |

| • |     | 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 and any resulting