Company: SGBAF
Filing Date: 2025-05-15
Form Type: 424B3
Source: 0001193125-25-120606
Chunk: 12

Company: SES S.A.
Filing Date: 2025-05-15
Form: 424B3
Chunk 12
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 occur after all of the
conditions to the Closing have been satisfied or waived. The conditions to the Closing are more fully described in the section titled “The Share Purchase Agreement – Conditionsto the Closing of the Acquisition.”
The Closing is currently anticipated to occur in the second half of 2025. However, we cannot predict the actual date on which the Acquisition will be consummated or whether the Acquisition will be consummated at all, because consummation of the
Acquisition is subject to conditions and factors outside the control of Intelsat and SES.

Q: What happens if the Acquisition is not completed?

A:If the Acquisition is not completed for any reason, Intelsat will not receive the consideration for the
Acquisition, the Transactions will not be completed and the Liquidation will not be commenced. However, under certain specified circumstances, either Intelsat or SES may be required to pay a $300 million Breach Termination Fee (as defined
below) to the non-terminating party, Intelsat may be required to pay SES a $300 million Vote Condition Termination Fee (as defined below), and SES may be required to pay Intelsat a $250 million
Regulatory Condition Termination Fee (as defined below). For a more detailed description of the Termination Fees and the circumstances under which they may be payable, please see the section titled “The Share Purchase Agreement —Termination Fees and Commercial Agreement” beginning on page 83.

Q: What are the material U.S. federal income tax considerations of the Acquisition and the Liquidation to U.S. Holders of Intelsat common shares that receive cash and CVRs?

A:A U.S. Holder (as defined in the section titled “U.S. Federal Income Tax Considerations of the Transactions”) does
not participate in any exchange pursuant to the Acquisition; therefore such U.S. Holder will not realize any gain or loss for U.S. federal income tax purposes as a result of the Acquisition. As a result of the Liquidation, for U.S. federal income
tax purposes, each U.S. Holder will be treated as receiving, in a taxable transaction, a distribution of cash and CVRs in complete liquidation of Intelsat as full payment in exchange for such U.S. Holder’s Intelsat common shares. A U.S. Holder
generally will recognize gain or loss on an exchange of Intelsat common shares for the cash and CVRs distributed pursuant to the Liquidation, in an amount equal to the