Company: SGBAF
Filing Date: 2025-04-29
Form Type: F-4
Source: 0001193125-25-103898
Chunk: 81

Company: SES S.A.
Filing Date: 2025-04-29
Form: F-4
Chunk 81
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 the section of this prospectus titled “The Transaction—Covenants and Agreements—Conduct of Businesses of SES Pending Completion of the Transaction”; |

| • |     | the significant amount of indebtedness that SES would incur in connection with the Transactions; |

| • |     | the potential payments under the CVRs that SES would become responsible for in connection with the Transactions; |

| • |     | the risk that the Transactions might not be consummated despite the parties’ efforts or that the Closing may 
 be unduly delayed; and                                                                                       |

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| • |     | the other risks described under the sections of this prospectus titled “Cautionary Statement Regarding 
 Forward-Looking Statements” and “Risk Factors.”                                                        |

After consideration of these factors, the SES Board determined that, overall, the potential benefits of the Transactions outweighed the potential risks. This discussion of the information and factors considered by the SES Board includes the material positive and negative factors considered by the SES Board, but it is not intended to be exhaustive and may not include all the factors considered by the SES Board. The SES Board did not quantify or assign any relative or specific weights to the various factors that it considered in reaching its determination to approve the Share Purchase Agreement and the Transactions. Rather, the SES Board viewed its position and recommendation as being based on the totality of the information presented to and factors considered by it. In addition, individual members of the SES Board may have given differing weights to different factors. It should be noted that this explanation of the reasoning of the SES Board and certain information presented in this section is forward-looking in nature and, therefore, that information should be read in light of the factors discussed in the section of this prospectus titled “ Cautionary Statement Regarding Forward-Looking Statements.” Intelsat’s Reasons for the Transactions The Intelsat Board unanimously (i) determined that the terms of the Share Purchase Agreement and the ancillary agreements related thereto are in the best interests of Intelsat, (ii) approved the Transactions, the Share Purchase Agreement and the ancillary agreements related thereto and (iii) recommended that Intelsat’s shareholders approve the Share Purchase Agreement and the Transactions at a duly held meeting of Intelsat’s shareholders. In reaching its determination, the Intelsat Board consulted with Intelsat’s management, as well as with Intelsat’s legal and financial advisors, and considered a variety of factors weighing favorably towards the Transactions, including the factors described below:

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