Company: SGBAF
Filing Date: 2025-04-01
Form Type: DRS/A
Source: 0000950123-25-003272
Chunk: 13

Company: SES S.A.
Filing Date: 2025-04-01
Form: DRS/A
Chunk 13
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: Is the completion of the Acquisition subject to the completion of certain conditions?

A:Yes. Before the Acquisition can be completed, SES and Intelsat must fulfill or, if permissible, waive the conditions to
the Closing set forth in the Share Purchase Agreement, including, but not limited to, the effectiveness of the registration statement of which this prospectus forms a part and the receipt of the Regulatory Approvals (as defined below). If all of
these conditions are not satisfied or waived, the Acquisition will not be completed. For a more detailed description of the conditions to the Closing, please see the section titled “The Share Purchase Agreement – Conditions to the Closing of the Acquisition” beginning on page 79.

Q: When do SES and Intelsat expect to complete the Acquisition?

A:SES and Intelsat are working to complete the Acquisition as quickly as possible, which can only occur after
all of the conditions to the Closing have been satisfied or waived. The conditions to the Closing are more fully described in the section titled “The Share Purchase Agreement – Conditionsto the Closing of the Acquisition.” The Closing is currently anticipated to occur in the second or third quarter of 2025. However, we cannot predict the actual date on which the Acquisition will be consummated or whether the Acquisition will be consummated at
all, because consummation of the Acquisition is subject to conditions and factors outside the control of Intelsat and SES.

Q: What happens if the Acquisition is not completed?

A:If the Acquisition is not completed for any reason, Intelsat will not
receive the consideration for the Acquisition, the Transactions will not be completed and the Liquidation will not be commenced. However, under certain specified circumstances, either Intelsat or SES may be required to pay a $300 million Breach
Termination Fee (as defined below) to the non-terminating party, Intelsat may be required to pay SES a $300 million Vote Condition Termination Fee (as defined below), and SES may be required to pay
Intelsat a $250 million Regulatory Condition Termination Fee (as defined below). For a more detailed description of the Termination Fees and the circumstances under which they may be payable, please see the section titled “The Share Purchase Agreement —Termination Fees and Commercial Agreement” beginning on page 82.

Q: What are the material U.S. federal income tax considerations of the Acquisition and the Liquidation to U.S. Holders of Intelsat common shares that receive cash