Company: SGBAF
Filing Date: 2025-04-29
Form Type: F-4
Source: 0001193125-25-103898
Chunk: 2

Company: SES S.A.
Filing Date: 2025-04-29
Form: F-4
Chunk 2
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URITIES DESCRIBED HEREIN AND IT IS NOT SOLICITING AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.

PRELIMINARY PROSPECTUS—SUBJECT TO COMPLETION, DATED April 29, 2025

(incorporated as a société anonyme under the laws of the Grand Duchy of Luxembourg)

70,932,665 CONTINGENT VALUE RIGHTS

THIS IS NOT A PROXY STATEMENT OR NOTICE OF MEETING.

WE ARE NOT ASKING YOU FOR A PROXY AND YOU ARE REQUESTED NOT TO SEND US A PROXY.

This prospectus of SES, a société anonyme organized under the laws of the Grand Duchy of Luxembourg (the
“Company” or “SES”), relates to the contingent value rights (the “CVRs”) to be issued in connection with the proposed acquisition (the “Acquisition”) by SES of the Intelsat Group (as defined below), pursuant
to the share purchase agreement, dated as of April 30, 2024 (as amended and restated or otherwise modified from time to time, the “Share Purchase Agreement”), by and between SES and Intelsat S.A., a société anonyme existing under the laws of the Grand Duchy of Luxembourg (“Intelsat”). The Acquisition is structured as the acquisition by SES of Intelsat’s assets, subject to certain exceptions, and all of the outstanding shares of
Intelsat Holdings S.à.r.l., a société à responsabilité limitée existing under the laws of the Grand Duchy of Luxembourg and a direct wholly owned subsidiary of Intelsat (“Holdings” and
together with its subsidiaries, the “Intelsat Group”), as well as the assumption by SES of Intelsat’s liabilities, subject to certain exceptions, in each case, subject to the terms and conditions of the Share Purchase Agreement.

As part of the consideration for the Acquisition, SES will issue an aggregate number of CVRs to Intelsat equal to (a) the aggregate number
of Intelsat common shares outstanding as of immediately prior to the closing of the Acquisition (the “Closing”) plus (b) the aggregate number of Intelsat common shares issuable upon the exercise in full of all outstanding Intelsat
Performance Stock Units (“PSUs”) outstanding as of immediately prior to the Closing in accordance with the terms and conditions of the Share Purchase Agreement plus (c) the