Company: SGBAF
Filing Date: 2025-01-17
Form Type: DRS/A
Source: 0000950123-25-000378
Chunk: 71

Company: SES S.A.
Filing Date: 2025-01-17
Form: DRS/A
Chunk 71
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 with a 50% economic ownership split and a merger-of-equals transaction.

47

Confidential Treatment Requested by SES

Pursuant to 17 C.F.R. Section 200.83

From August 2022 through January 2023, representatives of Intelsat (including, from time to
time, certain members of the Intelsat Board, Messrs. Wajsgras and O’Brien and Ms. Bryan), certain Intelsat shareholders, SES (including, from time to time, Messrs. Collar, Jalan, Orton, Jacques Thill (acting in his capacity as a member of
the SES Board) and Ramu Potarazu (acting in his capacity as a member of the SES Board) and Ms. Anne-Catherine Ries (acting in her capacity as Vice-Chairperson of the SES Board)) and their respective advisors, including PJT Partners, Guggenheim
Securities, Skadden and Gibson, Dunn & Crutcher LLP (SES’s legal counsel in connection with the Initial Proposed Transaction (“Gibson Dunn”)), had numerous discussions and, in November 2022, met at Skadden’s Washington,
D.C. offices in an effort to reach alignment on certain of the key terms for the Initial Proposed Transaction, including the Proposed Economic Ownership Split and the Proposed Governance Terms. In addition, during this period, the parties exchanged
multiple drafts of a nonbinding term sheet for the Initial Proposed Transaction. During this period, members of Intelsat management, representatives of PJT Partners and Skadden regularly updated, and received direction from, the Intelsat Board on
the discussions with SES, and members of SES management, representatives of Guggenheim Securities and Gibson Dunn regularly updated, and received direction from, the SES Board on the discussions with Intelsat.

In February 2023, Intelsat and SES agreed to a nonbinding term sheet setting forth certain terms for the Initial Proposed Transaction,
including an Initial Proposed Economic Ownership Split of 45.5% for Intelsat’s shareholders and certain Proposed Governance Terms. However, a number of key issues remained outstanding and the likelihood of reaching agreement on the Initial
Proposed Transaction remained highly uncertain. In addition, at no point during the negotiations related to the Initial Proposed Transaction did Intelsat and SES enter into a binding exclusivity agreement related to business combination discussions.

Intelsat and SES, with the assistance of their respective advisors, conducted due diligence on each other over the course of many