Company: SGBAF
Filing Date: 2025-04-29
Form Type: F-4
Source: 0001193125-25-103898
Chunk: 70

Company: SES S.A.
Filing Date: 2025-04-29
Form: F-4
Chunk 70
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 during this period, representatives of Intelsat (including, from time to time, certain members of the Intelsat Board, Messrs. Wajsgras and O’Brien, and Ms. Bryan), certain Intelsat shareholders, SES
(including, from time to time, Messrs. Collar, Jalan, Orton and Potarazu, and Ms. Ries) and their respective advisors, including PJT Partners, Guggenheim Securities, Skadden, Gibson Dunn, Elvinger Hoss Prussen (Intelsat’s Luxembourg legal
counsel in connection with the Initial Proposed Transaction (“Elvinger”)), Hogan Lovells US LLP (SES’s regulatory legal counsel in connection with the Initial Proposed Transaction), Arendt & Medernach (SES’s Luxembourg
legal counsel in connection with the Initial Proposed Transaction (“Arendt”)) and Ropes & Gray LLP (legal counsel to certain Intelsat shareholders managed, advised or sub-advised by Pacific
Investment Management Company LLC), had numerous discussions, including at an in-person meeting in March 2023 at Skadden’s Washington, D.C. offices and a May 2023 meeting at Gibson Dunn’s New York
City offices, in an effort to resolve major open issues across the transaction agreements. The parties were unable to resolve all open issues, including certain Proposed Governance Terms. As a result, the likelihood of reaching agreement on the
Initial Proposed Transaction remained highly uncertain.

On March 29, 2023, it was reported in the press that SES and Intelsat were
in advanced talks regarding a potential business combination. SES publicly confirmed the press report later that day but emphasized that the prospect of a positive outcome to the negotiations remained uncertain.

On June 12, 2023, SES announced that Mr. Collar would be stepping down as SES’s CEO at the end of June 2023, and that Ruy
Pinto, SES’s Chief Technology Officer, would assume the role of CEO until a permanent successor was announced.

On June 21,
2023, the Intelsat Board met to consider the status of negotiations regarding the Initial Proposed Transaction and determined that there was not a viable path forward at that time. Following the meeting, Ms. Jinhy Yoon (acting in her capacity
as a member of the Intelsat Board) informed Ms. Ries of the Intelsat Board’s decision, and Mr. Wajsgras sent Mr. Pinto a letter terminating the negotiations with respect