Company: SGBAF
Filing Date: 2025-05-15
Form Type: 424B3
Source: 0001193125-25-120606
Chunk: 84

Company: SES S.A.
Filing Date: 2025-05-15
Form: 424B3
Chunk 84
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5. As of the date of this prospectus,
certain Required Regulatory Approvals have been received, including the applicable approval by CFIUS, which was received on August 26, 2024.

Certain additional filings may be made by SES or Intelsat in connection with the Transactions, including certain foreign jurisdictions.

Accounting Treatment of the Transactions

The Acquisition will be accounted for as a business combination using the acquisition method of accounting in accordance with IFRS 3, Business
Combinations (the “IFRS 3”). IFRS requires that one of the two companies in the acquisition be designated as the acquirer for accounting purposes based on the evidence available. SES will be treated as the acquiring entity for accounting
purposes. In identifying SES as the acquiring entity for accounting purposes, SES and Intelsat took into account the relative voting rights of all equity instruments, the

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intended composition of the governing body and senior management of the Combined Group and the size of each of the companies. Accordingly, SES will record assets acquired, including identifiable intangible assets, and liabilities assumed from Intelsat at their respective fair values at the date of completion of the Acquisition. Any excess of the purchase price over the net fair value of such assets and liabilities will be recorded as goodwill. The financial condition and results of operations of SES after completion of the Acquisition will reflect Intelsat after completion of the Acquisition but will not be restated retroactively to reflect the historical financial condition or results of operations of Intelsat. The earnings of SES following the completion of the Acquisition will reflect acquisition accounting adjustments, including the effect of changes in the carrying value for assets and liabilities on depreciation expense, amortization expense and interest expense. Indefinite-lived intangible assets and goodwill will not be amortized but will be tested for impairment at least annually, and all tangible and intangible assets including goodwill will be tested for impairment when certain indicators are present. If, in the future, SES determines that tangible or intangible assets (including goodwill) are impaired, SES would record an impairment charge at that time. Interests of Certain Persons in the Transactions Interests of SES’s Directors and Executive Committee Members in the Transactions Other than with respect to continued service for, employment by and the right to continued indemnification by the Combined Group, as of the date of this prospectus, SES’s directors and Executive Committee Membersdo not have financial interests in the Transactions that are different from, or in addition to, the interests of other SES shareholders generally. The