Company: SGBAF
Filing Date: 2025-05-08
Form Type: F-4/A
Source: 0001193125-25-115825
Chunk: 171

Company: SES S.A.
Filing Date: 2025-05-08
Form: F-4/A
Chunk 171
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 from any future FCC approval, SES / Intelsat proposals, and further discussions and negotiations with existing users of the Applicable Spectrum will support the assumptions to be used in the valuation of the CVRs at the acquisition date and subsequent reporting dates. Purchase price allocation The following table summarizes the assumed purchase price allocation million in EUR:

| Tangible assets                         |     |  3,313 |   |
| Orbital slot license rights             |     |    919 |   |
| Other intangible and non-current assets |     |    579 |   |
| Current assets                          |     |    684 |   |
| Cash and cash equivalents               |     |    960 |   |
| Borrowings                              |     | (2,888 | ) |
| Other non-current liabilities           |     | (1,335 | ) |
| Current liabilities                     |     |   (674 | ) |
| Net identifiable assets acquired        |     |  1,557 |   |
| Add: Goodwill                           |     |  1,477 |   |
| Net assets acquired                     |     |  3,034 |   |

In order to reflect the effects of the acquisition accounting explained above, a decrease in “Cash and cash equivalents” of €2,503 million is presented in relation to the purchase consideration paid and an increase in the “contingent value rights” of €531 million. An increase in “Goodwill” of €1,477 million (the equivalent of $1,535 million) reflects the goodwill resulting from the Acquisition. The pro forma pre-acquisitiongoodwill of Intelsat of €1,305 million (the equivalent of $1,356 million) has been decreased to zero resulting in a net effect to goodwill of €172 million which is presented under “Intangible assets” in the unaudited pro forma adjustments statement of financial position as at December 31, 2024.

| D. | Financing adjustments |

SES secured financing for the acquisition through an initial €3 billion bridge facility dated April 30, 2024 (the Bridge Facility), and a $1 billion Term Loan A Facility dated June 14, 2024 (the “TLA”). Upon entering the TLA, €930 million of the Bridge Facility was cancelled. Additionally, on September 12, 2024, the Company raised €1 billion in Hybrid financing, which similarly led to the cancellation of an equivalent portion of the Bridge Facility. Assuming the €1 billion subordinated hybrid