Company: SGBAF
Filing Date: 2025-01-17
Form Type: DRSLTR
Source: 0000950123-25-000379
Chunk: 2

Company: SES S.A.
Filing Date: 2025-01-17
Form: DRSLTR
Chunk 2
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 of launch service providers and small number of satellite manufacturers, SES does not consider itself substantially dependent on any one of such launch service providers or manufactures. SES’s existing contracts with its launch service providers and satellite manufacturers were entered into in the ordinary course of business and are contracts that will ordinarily accompany SES’s satellite communications business. In SES’s view, these contracts contain relatively standard terms and are non-exclusive in nature. In addition, SES believes it could eventually meet its launch and satellite manufacturing needs through other available sources if necessary, and it continues to closely monitor these markets for new entrants that present viable opportunities for collaboration and actively engages with them.

Laura Veator Stephen Krikorian January 17, 2025 Page 3 Risks Relating to Intelsat’s Business, page 46

| 6. | Clarify why you have included separate risk factors relating to Intelsat’s business. The value of the                                                                                                                                                 
 securities being offered are tied to possible sales of spectrum by SES in the future, not to any monetization of spectrum by Intelsat. If retained following the addition of clarifying language, consider whether any of these risks are significant 
 enough to warrant separate risk factors. Refer to Item 3 of Form F-4 and Item 105 of Regulation S-K.                                                                                                                                                  |

Response: The Company acknowledges the Staff’s comment and respectfully advises the Staff that the risk factors in Amendment No. 1 have been revised and the separate Intelsat risk factors have been removed. About the Acquisition Overview / Background of the Transactions, page 49

| 7. | We note that Intelsat’s board of directors received a fairness opinion from its financial advisor in                                                                                         
 connection with the transactions. Please provide the information called for by Item 1015(b) of Regulation M-A and file the opinion as an exhibit. Refer to Items 4(b) and 21(c) of Form F-4. |

Response: The Company acknowledges the Staff’s comment regarding the inclusion of the information called for by Item 1015(b) of Regulation M-Ain respect of the fairness opinion received by Intelsat’s board of directors from its financial advisor (the “Intelsat Fairness Opinion”). Pursuant to Item 4(b) of Form F-4,the information called for by Item 1015(b) of Regulation M-Ais only required if a report, opinion or appraisal materially relating to the transaction is referred to in the prospectus. The Intelsat Fairness Opinion is not referred to in the