Company: SGBAF
Filing Date: 2025-04-01
Form Type: DRS/A
Source: 0000950123-25-003272
Chunk: 75

Company: SES S.A.
Filing Date: 2025-04-01
Form: DRS/A
Chunk 75
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2024, at the direction of representatives of Intelsat, PJT Partners sent Intelsat’s counterproposal on purchase price to Guggenheim Securities. At this stage in the negotiations, there remained a
number of major open issues, and the Proposed Acquisition remained highly uncertain.

From late March 2024 through mid-April 2024, representatives of Intelsat (including, from time to time, Messrs. Wajsgras and O’Brien and Mss. Bryan and Yoon), SES (including, from time to time, Messrs.
Al-Saleh, Orton and Thai Rubin (Chief Legal Officer of SES)) and their respective advisors, including PJT Partners, Guggenheim Securities, Morgan Stanley & Co. LLC (a financial advisor to SES
(“Morgan Stanley”)), Skadden and Gibson Dunn (SES’s legal counsel in connection with the Proposed Acquisition), discussed the open issues with respect to the Proposed Acquisition on multiple occasions, and the parties exchanged
multiple counterproposals, including CVR term sheets. During this period Messrs. Wajsgras and O’Brien and Mss. Bryan and Yoon, PJT Partners and Skadden regularly updated, and received direction from, the Intelsat Board on the discussions with
SES, including at an Intelsat Board meeting on March 27, 2024, and a separate discussion on April 9, 2024. In turn, members of SES management, and representatives of Guggenheim Securities, Morgan Stanley and Gibson Dunn regularly updated,
and received direction from, the SES Board on the discussions with Intelsat.

50

Confidential Treatment Requested by SES

Pursuant to 17 C.F.R. Section 200.83

During the course of these discussions, representatives of SES raised with representatives of
Intelsat the possibility of the parties entering into a binding exclusivity agreement related to business combination discussions. However, Intelsat would not agree to such an arrangement during the course of the negotiations for the Proposed
Acquisition.

By mid-April 2024, Intelsat and SES had agreed to, among others, the following
terms, subject to resolution on all other open issues and completion of definitive documentation: (i) a purchase price of $3.1 billion in cash; (ii) a 42.5% CVR Net Proceeds Split and seven-and-a-half-year CVR Term; (iii) a $750 million Shareholder Return Cap, provided