Company: SGBAF
Filing Date: 2025-01-17
Form Type: DRS/A
Source: 0000950123-25-000378
Chunk: 2

Company: SES S.A.
Filing Date: 2025-01-17
Form: DRS/A
Chunk 2
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 NOT COMPLETE AND MAY BE CHANGED. THE SECURITIES DESCRIBED HEREIN MAY NOT BE SOLD UNTIL THE REGISTRATION STATEMENT FILED WITH THE U.S. SECURITIES AND EXCHANGE COMMISSION, OF WHICH THIS PRELIMINARY PROSPECTUS IS A PART, IS DECLARED EFFECTIVE. THIS PRELIMINARY PROSPECTUS IS NOT AN OFFER TO SELL THE SECURITIES DESCRIBED HEREIN AND IT IS NOT SOLICITING AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.

PRELIMINARY PROSPECTUS—SUBJECT TO COMPLETION, DATED , 2025

(incorporated as a société anonyme under the laws of the Grand Duchy of Luxembourg)

[●] CONTINGENT VALUE RIGHTS

THIS IS NOT A PROXY STATEMENT OR NOTICE OF MEETING.

WE ARE NOT ASKING YOU FOR A PROXY AND YOU ARE REQUESTED NOT TO SEND US A PROXY.

This prospectus of SES, a société anonyme organized under the laws of the Grand Duchy of Luxembourg (the
“Company” or “SES”), relates to the contingent value rights (the “CVRs”) to be issued in connection with the proposed acquisition (the “Acquisition”) by SES of the Intelsat Group (as defined below), pursuant
to the share purchase agreement, dated as of April 30, 2024 (as amended and restated or otherwise modified from time to time, the “Share Purchase Agreement”), by and between SES and Intelsat S.A., a société anonyme existing under the laws of the Grand Duchy of Luxembourg (“Intelsat”). The Acquisition is structured as the acquisition by SES of Intelsat’s assets, subject to certain exceptions, and all of the outstanding shares of
Intelsat Holdings S.à.r.l., a société à responsabilité limitée existing under the laws of the Grand Duchy of Luxembourg and a direct wholly owned subsidiary of Intelsat (“Holdings” and
together with its subsidiaries, the “Intelsat Group”), as well as the assumption by SES of Intelsat’s liabilities, subject to certain exceptions, in each case, subject to the terms and conditions of the Share Purchase Agreement.

As part of the consideration for the Acquisition, SES will issue an aggregate number of CVRs to Intelsat equal to (a) the aggregate
number