Company: SGBAF
Filing Date: 2025-04-01
Form Type: DRSLTR
Source: 0000950123-25-003273
Chunk: 0

Company: SES S.A.
Filing Date: 2025-04-01
Form: DRSLTR
Chunk 0
---
April 1, 2025 VIA EDGAR Laura Veator Stephen Krikorian 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.                             
 Draft Registration Statement on Form 
 F-4                                  
 Submitted January 17, 2025           |
|:----|:----|:-------------------------------------|
|     |     | CIK No. 0001347408                   |

Dear Ms. Veator and Mr. Krikorian: On behalf of SES S.A.(the “ Company”), please find our response to the comments of the staff of the Securities and Exchange Commission (the “ Staff”) contained in the Staff’s letters dated February 3, 2025 and March 21, 2025 (the “ Comment Letters”) regarding the Draft Registration Statement on Form F-4submitted on a confidential basis by the Company on January 17, 2025(the “ Draft Registration Statement”). Capitalized terms used but not defined herein have the respective meanings ascribed to them in the Draft Registration Statement. Set forth below in italics are the comments contained in the Staff’s Comment Letters pertaining to the Draft Registration Statement. Immediately below the Staff’s comment is the Company’s response to the comment. The Company is concurrently confidentially providing to the SEC Amendment No. 2 to the Draft Registration Statement, as filed on EDGAR on the date hereof (“ Amendment No. 2”). STAFF’S COMMENT LETTER, DATED FEBRUARY 3, 2025. Financial Statements of SES S.A. Notes to Consolidated Financial Statements Note 11 - Earnings Per Share, page F-45

| 1. | Based on your revised disclosure in response to prior comment 14, it appears that                                                                        
 Class A shares represent 66% of total weighted average number of shares outstanding as of 12/31/23 and Class B shares represent 34% of total weighted    
 average number of shares outstanding as of 12/31/23. Clarify how you calculate 83% and 17% for purposes of allocating profit to Class A shareholders and 
 Class B shareholders, respectively.                                                                                                                      |

Response: The Company acknowledges the Staff’s comment and respectfully advises the Staff that, as each Class B share is entitled to 40% of the dividend payable on each Class A share. This results in disproportionate economic interest relative to the number of shares