Company: SGBAF
Filing Date: 2025-04-29
Form Type: F-4
Source: 0001193125-25-103898
Chunk: 67

Company: SES S.A.
Filing Date: 2025-04-29
Form: F-4
Chunk 67
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 of the 3.98-4.2 GHz portion of the C-band available
for more intensive use, which may be terrestrial, satellite-based, or a combination thereof. The outcome of this proceeding may impact the rights or ability of SES, Intelsat, or the Combined Group to use or monetize the C-band spectrum. It is also
uncertain whether the proceeding will provide for any auction of C-band spectrum or provide monetary incentives to SES, Intelsat, or the Combined Group. An unfavorable outcome in this proceeding may have a material adverse effect on SES’s
business, financial condition and results of operations. See “The FCC’s current C-band proceeding could impact the value of the CVRs” for additional information.

47

ABOUT THE ACQUISITION

Overview / Background of the Transactions

As part of their efforts to strengthen their respective businesses and enhance shareholder value, the boards of directors and senior management
of each of SES and Intelsat regularly review and assess their respective companies’ operations, performance and prospects and the strategic landscape in the industries in which they operate, including the possibility of pursuing various
strategic alternatives. As part of these reviews, from time to time, the boards of directors and senior management of each of SES and Intelsat have held conversations and communicated with various investment banking firms and other advisors
regarding their respective considerations of potential strategic transaction opportunities and other strategic alternatives available to each of them.

In March 2022, shortly after Intelsat’s emergence from bankruptcy, Steve Collar, SES’s then-Chief Executive Officer, sent Stephen
Spengler, Intelsat’s then-Chief Executive Officer, a presentation advocating exploring a potential combination of the two companies. The presentation did not address either structure or the key economic terms of the combination.

Between March 21-24, 2022, Mr. Spengler and Dave Wajsgras, Intelsat’s incoming Chief
Executive Officer, discussed the potential combination with Mr. Collar in Washington, D.C. Messrs. Spengler, Wajsgras and Collar agreed that the companies should enter into a non-disclosure agreement to
further explore the potential combination.

In May 2022, (i) Intelsat and SES executed a confidentiality agreement and
(ii) Mr. Collar sent Mr. Wajsgras a nonbinding offer letter, which set forth certain high-level proposed terms for a stock-for-stock combination of
Intelsat and SES (the “Initial