Company: SGBAF
Filing Date: 2025-05-08
Form Type: CORRESP
Source: 0001193125-25-115826
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Company: SES S.A.
Filing Date: 2025-05-08
Form: CORRESP
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May 8, 2025 VIA EDGAR Laura Veator, Staff Accountant Stephen Krikorian, Accounting Branch Chief Securities and Exchange Commission Division of Corporation Finance Office of Real Estate & Construction 100 F Street, NE Washington, D.C. 20549-3561

| Re: | SES S.A. |

Registration Statement on Form F-4 Filed April 29, 2025 File No. 333-286828 Dear Ms. Veator and Mr. Krikorian: On behalf of SES S.A.(the “ Company”), please find responses to the comments of the staff of the Securities and Exchange Commission (the “ Staff”) contained in the Staff’s letter dated May 1, 2025 (the “ Comment Letter”) regarding the Registration Statement on Form F-4filed by the Company on April 29, 2025(the “ Registration Statement”). Capitalized terms used but not defined herein have the respective meanings ascribed to them in the Registration Statement. Set forth below in bold are the comments contained in the Staff’s Comment Letter pertaining to the Registration Statement. Immediately below the Staff’s comment is the Company’s response. For the convenience of the Staff’s review, the numbered paragraphs below correspond to the numbered comments in the Staff’s Comment Letter. Unaudited Pro Forma Condensed Combined Financial Information Note 4 - Acquisition-related pro forma adjustments, page 122

| 1. | We note your disclosure on page 11 that at the Closing your RSUs and PSUs will be canceled and converted to                                                                                                                                             
 rights to receive cash and CVRs. Please clarify if any unvested RSUs or PSUs will be accelerated, or performance conditions modified, in contemplation of the Acquisition. If so, tell us how you considered including the related compensation expense 
 as an adjustment to your pro forma income statement assuming the awards had vested as of January 1, 2024. Refer to Article 11-01 (a)(8) of Regulation S-X.                                                                                              |

RESPONSE: The Company acknowledges the Staff’s comment and the guidance in Article 11-01(a)(8) of Regulation S-X.In accordance with the Share Purchase Agreement, all of Intelsat’s unvested RSUs and PSUs will have an accelerated vesting on the transaction Closing Date based on an automatic change in control clause which was already in place prior to contemplation of the Acquisition, triggering a one-off compensation expense of $33.4 million for MC PSUs and RSUs (plus additional