Company: SGBAF
Filing Date: 2025-01-17
Form Type: DRS/A
Source: 0000950123-25-000378
Chunk: 4

Company: SES S.A.
Filing Date: 2025-01-17
Form: DRS/A
Chunk 4
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 market for the CVRs. SES has no current plans to apply to list the CVRs on any stock exchange or on an
over-the-counter market and is under no obligation to do so. If the CVRs begin trading in the
over-the-counter market or if SES determines, in its sole discretion, to list the CVRs on a securities exchange, there is no assurance that such trading or listing will
continue. Additionally, the U.S. federal income tax considerations arising from ownership and disposition of the CVRs are uncertain. For more information, please see the sections entitled “Related Agreements—Contingent Value Right Agreement” beginning on page 85 and “U.S. Federal Income Tax Considerations of the Transactions— U.S. Federal Income Tax Considerations of the Ownership and Disposition of CVRs” beginning on page 93.

As of [●], 2025, according to Intelsat, there were [●] shares of Intelsat common shares outstanding, [●] shares issuable in
respect of the PSUs, and [●] shares issuable in respect of the RSUs. Accordingly, if the Closing occurred as of such date, we have calculated that an aggregate of up to approximately [●] CVRs will be issuable by SES pursuant to the Share
Purchase Agreement. It is currently anticipated that the Acquisition will close in the second or third quarter of 2025.

This is not a proxy statement. We are not asking you for a proxy and you are requested not to send us a proxy. This document is a prospectus for SES’s CVRs that will be issued to Intelsat as part of the consideration for the Acquisition. The accompanying disclosure documents contain detailed information about the Acquisition and the CVRs. You should read this prospectus carefully in its entirety. In particular, please read the section titled “Risk Factors” beginning on page 23 for a discussion of risks that you should consider in evaluating the Acquisition, the transactions contemplated thereby and the CVRs described in this prospectus.

Neither the Securities and Exchange Commission (the “SEC”) nor any state securities commission has approved or disapproved of the
securities offered in this prospectus, passed on the merits or fairness of the transaction, or passed upon the adequacy or accuracy of this prospectus. Any representation to the contrary is a criminal offense.

The date of this prospectus is , 2025

Confidential Treatment Requested by SES Pursuant to 17 C.F.R. Section 200.83 TABLE