Company: SGBAF
Filing Date: 2025-03-07
Form Type: DRSLTR
Source: 0000950123-25-003017
Chunk: 0

Company: SES S.A.
Filing Date: 2025-03-07
Form: DRSLTR
Chunk 0
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March 7, 2025 VIA EDGAR Laura Veator, Staff Accountant Stephen Krikorian, Accounting Branch Chief Securities and Exchange Commission Division of Corporation Finance Office of Real Estate & Construction 100 F Street, NE Washington, D.C. 20549-3561

| Re: | SES S.A. |

Draft Registration Statement on Form F-4 Submitted November 8, 2024 CIK No. 0001347408 Dear Ms. Veator and Mr. Krikorian: On behalf of SES S.A.(the “ Company”), please find response to the comment of the staff of the Securities and Exchange Commission (the “ Staff”) contained in the Staff’s letter dated December 5, 2024 (the “ Comment Letter”) regarding the Draft Registration Statement on Form F-4submitted on a confidential basis by the Company on November 8, 2024(the “ Draft Registration Statement”). Capitalized terms used but not defined herein have the respective meanings ascribed to them in the Registration Statement. Set forth below in bold is the comment contained in the Staff’s Comment Letter pertaining to the Draft Registration Statement. Immediately below the Staff’s comment is the Company’s response. For the convenience of the Staff’s review, the numbered paragraph below corresponds to the numbered comment in the Staff’s Comment Letter. Presentation of Financial and Other Information, page 2

Please also ensure your pro forma financial statements describe how you will account for the Contingent Value Rights (CVRs) and the authoritative accounting literature upon which you are relying. Disclose the methodology used to value the CVRs, the significant assumptions made, and the potential future impacts to your financial statements. The Company acknowledges the Staff’s comment and confirms that its next submission will contain SES and Intelsat financial statements for the year ended December 31, 2024, as well as unaudited pro forma condensed combined financial information prepared in accordance with Article 11 of Regulation S-X(the “pro forma financial statements”). The pro forma financial statements will address the accounting for the CVRs, including the items identified by the Staff in its comment. In addressing the accounting for the CVRs, the Company respectfully advises the Staff that it believes the Company’s CVRs qualify as contingent consideration under IFRS 3, paragraph 40 and IFRS 3, Appendix A. Contingent consideration is recognized at its acquisition-date fair value, whether or not it is probable that a payment will be made. The acquirer classifies an obligation to pay contingent