Company: SGBAF
Filing Date: 2025-05-15
Form Type: 424B3
Source: 0001193125-25-120606
Chunk: 82

Company: SES S.A.
Filing Date: 2025-05-15
Form: 424B3
Chunk 82
---
 that, despite retention efforts prior to consummation of the Transactions, Intelsat may lose personnel, 
 and the impact of such losses in the event that the Transactions are not consummated.                            |

After consideration of these factors, the Intelsat Board determined that, overall, the potential benefits of the Transactions outweighed the potential risks. This discussion of the information and factors considered by the Intelsat Board includes the material positive and negative factors considered by the Intelsat Board, but it is not intended to be exhaustive and may not include all the factors considered by the Intelsat Board. The Intelsat Board did not quantify or assign any relative or specific weights to the various factors that it considered in reaching its determination to approve the Share Purchase Agreement and the Transactions. Rather, the Intelsat Board viewed its position and recommendation as being based on the totality of the information presented to and factors considered by it. In addition, individual members of the Intelsat Board may have given differing weights to different factors. It should be noted that this 58

explanation of the reasoning of the Intelsat Board and certain information presented in this section is forward-looking in nature and, therefore, that information should be read in light of the
factors discussed in the section of this prospectus titled “Cautionary Statement Regarding Forward-Looking Statements.”

Regulatory Approvals Required for the Transactions

Under the Share Purchase Agreement, the Acquisition cannot be consummated until (i) the
applicable waiting periods (and any extension thereof) under the HSR Act have expired or terminated and consents of, or filings under, any other Required Antitrust Approvals, including, but not limited to, those with respect to the European
Commission and the United Kingdom’s Competition and Markets Authority, have been received or made and remain in effect; (ii) the applicable consent from the FCC has been obtained and at least 40 days shall have passed since the issuance of
such consent, unless such 40-day period has been mutually waived by both Parties; (iii) the applicable consents of, or filings with, any of the relevant governmental authorities for the certain
telecommunications licenses set forth in Intelsat’s disclosure schedules to the Share Purchase Agreement have been received; (iv) the applicable approval by CFIUS has been received; (v) any consents, authorizations, orders or
approvals that are required under any foreign investment law, the absence of which would prohibit the consummation of