Company: SGBAF
Filing Date: 2025-04-29
Form Type: F-4
Source: 0001193125-25-103898
Chunk: 80

Company: SES S.A.
Filing Date: 2025-04-29
Form: F-4
Chunk 80
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| • |     | Sustained Shareholder Return. The Combined Group is expected to generate approximately                                                                                                                                                                   
 €3.8 billion in annual revenue and is expected to deliver low- to mid-single digit average annual growth over the medium-term, based on our 2024 outlook.                                                                                                
 Growth will be driven by the combination of high growth government, mobility, and fixed data businesses, anchored by a media business with solid cash generation fundamentals, despite contracting capacity demand in mature markets due to expansion of 
 terrestrial broadband networks and changing consumer viewing habits against which the Combined Group will be better positioned to compete.                                                                                                               |

| • |     | Provisions of the Share Purchase Agreement. The SES Board considered the structure of the transaction and                                                                                                                                                
 terms and conditions of the Share Purchase Agreement, including the financial terms discussed above, the conditions to completion of the Transactions and the termination rights and the obligations of the parties to pay Termination Fees or reimburse 
 expenses in certain circumstances.                                                                                                                                                                                                                       |

| • |     | Strategic Alternatives. The SES Board considered the strategic alternatives to the Transactions available                                                                                                                                           
 to SES in the United States, Luxembourg and globally, including forgoing the Transactions and continuing to execute on SES’s long-term business strategy, potential areas of organic investments, and other business combination opportunities, and 
 the expectation of SES’s management that the Transactions presented a more favorable opportunity for SES’s shareholders in light of, among other factors, the potential rewards, risks and uncertainties associated with pursuing those other       
 alternatives.                                                                                                                                                                                                                                       |

| • |     | Likelihood of Completion. The SES Board considered the regulatory approvals required to consummate the                                                                                                                                              
 transaction and the expectation of SES’s management that the Transactions would be approved by the requisite governmental authorities on a timely basis, without the imposition of conditions that would materially adversely affect the businesses 
 of the Combined Group after the Transactions.                                                                                                                                                                                                       |

The SES Board also identified and considered certain potentially negative factors in its deliberations to be balanced against the positive factors, including:

| • |     | the costs and expenses associated with the Transactions; |

| • |     | the possibility that SES would be required to pay a Termination Fee to or reimburse a certain amount of expenses                                          
 of Intelsat under certain circumstances, as more fully described under the section of this prospectus titled “Termination Fees and Commercial Agreement”; |

| • |     | the provisions of the Share Purchase Agreement that place restrictions on the interim operations of SES and its                                                                                           
 subsidiaries pending the Closing, as described under