Company: SGBAF
Filing Date: 2025-04-29
Form Type: F-4
Source: 0001193125-25-103898
Chunk: 78

Company: SES S.A.
Filing Date: 2025-04-29
Form: F-4
Chunk 78
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ed SES senior management to finalize and execute the Share Purchase Agreement.

Over the course of April 28 and April 29,
2024, the parties finalized the Share Purchase Agreement and other transaction documents. However, it remained unclear whether Intelsat would be able to deliver Support Agreements from holders of two-thirds of
Intelsat’s common shares, which SES would require before executing the Share Purchase Agreement.

Early in the morning on
April 30, 2024, Intelsat and SES executed and delivered the Share Purchase Agreement, and Intelsat, SES and certain Intelsat shareholders holding more than two-thirds of Intelsat’s common shares
executed and delivered the Support Agreements. SES and Intelsat announced the Transactions prior to the opening of European markets on April 30, 2024.

SES’s Reasons for the Transactions

The SES Board unanimously approved the Transactions and Share Purchase Agreement. The SES Board viewed favorably the business operations and
prospects of the Combined Group following the Closing, as described below, and took into account SES’s existing knowledge and familiarity with the business and operations of Intelsat. In reaching its determination, the SES Board consulted with
SES’s management, as well as with SES’s legal and financial advisors, and considered a variety of factors weighing favorably towards the Transactions, including the factors described below.

SES believes that the Transactions will allow it to create a stronger and more competitive multi-orbit operator with an optimized network,
increased revenue in highly valuable and growth business units, stronger

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financial profile, and greater ability to invest in the future to better compete in a dynamic, fast-moving, and competitive communications landscape and to realize other significant benefits, including the following:

| • |     | Synergies. By integrating the two companies, SES expects to deliver synergies from the combination of                                                                                                                                        
 selling, general, and administrative savings as well as optimization of third-party capacity costs and future efficiencies in procurement. The remaining synergies will be captured from optimizing the combined satellite fleets and ground 
 infrastructure with the process expected to start soon after the Closing.                                                                                                                                                                    |

| • |     | Expanded Capabilities. The Combined Group is expected to be a stronger multi-orbit operator better able to                                                                                                                                                
 compete in a fast-moving communications landscape and respond to the evolution of competing communications technologies, such as new and rapidly emerging non-GEO satellite constellations from well-funded LEO                                           
 satellite providers and greater commoditization of satellite capacity and connectivity. With a combined