Company: SGBAF
Filing Date: 2025-01-17
Form Type: DRS/A
Source: 0000950123-25-000378
Chunk: 80

Company: SES S.A.
Filing Date: 2025-01-17
Form: DRS/A
Chunk 80
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T Partners, Skadden and Elvinger in attendance, to review the Transactions. At the meeting, Elvinger presented to the Intelsat Board on its duties under Luxembourg law with respect to the
Transactions. Following discussion, the Intelsat Board approved the Transactions and directed Intelsat senior management to finalize and execute the Share Purchase Agreement.

The SES Board met on April 29, 2024, with members of SES’s senior management and representatives of Guggenheim Securities, Morgan
Stanley and Gibson Dunn in attendance, to review the Transactions, during which the SES Board was apprised of its duties under Luxembourg law with respect to the Transactions. Following discussion, the SES Board approved the Transactions and
directed SES senior management to finalize and execute the Share Purchase Agreement.

Over the course of April 28 and April 29,
2024, the parties finalized the Share Purchase Agreement and other transaction documents. However, it remained unclear whether Intelsat would be able to deliver Support Agreements from holders of two-thirds of
Intelsat’s common shares, which SES would require before executing the Share Purchase Agreement.

Early in the morning on
April 30, 2024, Intelsat and SES executed and delivered the Share Purchase Agreement, and Intelsat, SES and certain Intelsat shareholders holding more than two-thirds of Intelsat’s common shares
executed and delivered the Support Agreements. SES and Intelsat announced the Transactions prior to the opening of European markets on April 30, 2024.

SES’s Reasons for the Transactions

The SES Board unanimously approved the Transactions and Share Purchase Agreement. The SES Board viewed favorably the business operations and
prospects of the Combined Group following the Closing, as described below, and took into account SES’s existing knowledge and familiarity with the business and operations of Intelsat. In reaching its determination, the SES Board consulted with
SES’s management, as well as with SES’s legal and financial advisors, and considered a variety of factors weighing favorably towards the Transactions, including the factors described below.

SES believes that the Transactions will allow it to create a stronger and more competitive multi-orbit operator with an optimized network,
increased revenue in highly valuable and growth business units, stronger

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Confidential Treatment Requested by SES Pursuant to 17 C.F.R. Section 200.83 financial profile, and greater ability to invest in the future to better compete in a dynamic, fast-moving, and competitive communications landscape and to realize