Company: SGBAF
Filing Date: 2025-05-08
Form Type: F-4/A
Source: 0001193125-25-115825
Chunk: 389

Company: SES S.A.
Filing Date: 2025-05-08
Form: F-4/A
Chunk 389
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 one of the leading providers of commercial
satellite communication services to the U.S. government and other select military organizations and their contractors. Our network solutions are a critical component of our customers’ infrastructures and business models. In recent years,
mobility services providers have contracted for services on our fleet that support broadband connections for passengers on commercial flights, cruise ships and commercial shipping, connectivity that in some cases is only available through our
satellite network. In addition, our satellite neighborhoods provide our media customers with efficient and reliable broadcast distribution that maximizes audience reach, a technical and economic benefit that is difficult for terrestrial services to
match. In developing regions, our satellite solutions often provide higher reliability than is available from local terrestrial telecommunications services and allow our wireless and enterprise customers access to geographies that they would
otherwise be unable to serve.

SES S.A. to Acquire Intelsat

On April 30, 2024, SES S.A. and Intelsat announced an agreement for SES S.A. to acquire Intelsat through the purchase of 100% of the
equity of Intelsat Holdings for a cash consideration of $3.1 billion and certain contingent value rights (the “SES Transaction”). The contingent value rights entitle the holders thereof to 42.5% of the net proceeds received by the
combined company in respect of any monetization of the combined

F-109

company’s usage rights for up to 100 MHz of the C-band spectrum within the 7.5 year period post-closing. On September 27, 2024, Intelsat
distributed $500.1 million out of Intelsat’s share premium to Intelsat shareholders (refer to Note 9—Shareholders’ Equity). As a result of such distribution, the cash consideration payable by SES S.A. in connection with the SES
Transaction has been reduced to $2.6 billion (subject to other adjustments). The SES Transaction has been unanimously approved by the board of directors of both companies, and Intelsat shareholders holding approximately 73% of the common shares
have entered into customary support agreements requiring them to vote in favor of the transaction. The SES Transaction is subject to receiving relevant regulatory clearances and approval of Intelsat’s shareholders. Closing of the SES
Transaction is expected to occur mid-year 2025.

Emergence from Voluntary Reorganization under Chapter 11 of the Bankruptcy Code; Fresh Start and Bankruptcy Accounting

On May 13, 2020, Intels