Company: SGBAF
Filing Date: 2025-04-29
Form Type: F-4
Source: 0001193125-25-103898
Chunk: 171

Company: SES S.A.
Filing Date: 2025-04-29
Form: F-4
Chunk 171
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 the FCC on 28 February 2020 to clear the 300 MHz band of C-bandspectrum between 3,700 and 4,000 MHz by December 2025 (“3.7 GHz Service Auction”) in combination with assumptions concerning the likely outcomes of the factors listed above, including inputs from economic spectrum experts. Specifically, management has assumed a similar compensation mechanism for satellite operators as was seen for 3.7 GHz Service Auction and a similar timeframe and timing of cash flows resulting in an aggregate probability of >50% that such a programme in this form shall be initiated and successfully completed. For the purposes of the pro forma information, the internal valuation resulted in a pro forma preliminary fair value of $552 million (equivalent of €531 million), which has been recorded as a “contingent value rights” non-currentliability and as goodwill. We note that the internal valuation calculated an estimate of the preliminary pro forma fair value of the CVRs based on IFRS standards, taking into consideration the uncertainties outlined above. As those uncertainties are resolved, the fair values of the CVRs will likely change. Moreover, the fair value of the CVRs is not necessarily indicative of the amount of the future proceeds that the CVR holders or SES may or may not receive for clearing the Applicable Spectrum, if the FCC decides to repurpose some portion of the C-band spectrum. 124

Management notes that due to issues outside their control (i.e. regulatory requirements), the timing of payments of ARPs may change. Such changes may have a material impact on the fair value of the CVRs. The additional information that will be derived from any future FCC approval, SES / Intelsat proposals, and further discussions and negotiations with existing users of the Applicable Spectrum will support the assumptions to be used in the valuation of the CVRs at the acquisition date and subsequent reporting dates. Purchase price allocation The following table summarizes the assumed purchase price allocation million in EUR:

| Tangible assets                         |     |  3,313 |   |
| Orbital slot license rights             |     |    919 |   |
| Other intangible and non-current assets |     |    579 |   |
| Current assets                          |     |    684 |   |
| Cash and cash equivalents               |     |    960 |   |
| Borrowings                              |     | (2,888 | ) |
| Other non-current liabilities           |     | (1,335 | ) |
| Current liabilities                     |     |