Company: SGBAF
Filing Date: 2025-03-07
Form Type: DRSLTR
Source: 0000950123-25-003017
Chunk: 2

Company: SES S.A.
Filing Date: 2025-03-07
Form: DRSLTR
Chunk 2
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 still being used by satellite operators would be covered by any follow-on repurposing. |

| • |     | Insight as to the compensation model to be associated with a follow-on 
 repurposing for satellite operators.                                   |

| • |     | Clarity around the investment and timing to meet the above noted requirements. |

After the acquisition closes, and in the absence of a follow-onrepurposing program initiated by the FCC, the combined company and any potential acquirers of the spectrum may seek to develop proposals for consideration by the FCC. Such discussions can only begin after the regulatory processes to facilitate the closing of the acquisition are complete. Additional information derived from future FCC approvals, the combined company’s future proposals to the FCC, and further discussions and negotiations with existing users of C-Bandspectrum will support the assumptions the Company will use in valuing the CVRs at the acquisition date and subsequent reporting dates. The new Presidential administration at the U.S. Federal level and FCC leadership have taken no official position on a follow-on C-Bandrepurposing exercise and management does not expect significantly more clarity on any of the key uncertainties above by the time the F-4is declared effective. Discussions with the FCC are expected to begin after the closing of the transaction/acquisition is complete and a coordinated strategy for such outreach is in place. As a result of the foregoing factors, SES’s management is unable to estimate a reasonable fair value of the CVRs at the date of the submission of the F-4for purposes of the pro forma financial statements. Once the acquisition has closed, the Company intends to engage a valuation specialist to perform purchase price allocation for purposes of business combination accounting and to assist in the assessment of the fair value of the CVRs for future accounting and disclosure purposes in the consolidated financial statements for the year ending December 31, 2025 and going forward. Such fair value also would be used to compute the overall transaction consideration and hence the level of goodwill arising on the transaction. * * * If the Staff of the SEC has any questions or comments regarding the foregoing, please contact Eric Scarazzo, of Gibson, Dunn & Crutcher LLP by telephone at (212) 351-2389or via email at EScarazzo@gibsondunn.com. Gibson, Dunn & Crutcher LLP 200 Park Avenue | New York, NY 10166-0193 | T: 212.351.4000 | F: 212.351.4035 | gibsondunn.com

| Sincerely