Company: SGBAF
Filing Date: 2025-04-29
Form Type: F-4
Source: 0001193125-25-103898
Chunk: 75

Company: SES S.A.
Filing Date: 2025-04-29
Form: F-4
Chunk 75
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, representatives of SES raised with representatives
of Intelsat the possibility of the parties entering into a binding exclusivity agreement related to business combination discussions. However, Intelsat would not agree to such an arrangement during the course of the negotiations for the Proposed
Acquisition.

By mid-April 2024, Intelsat and SES had agreed to, among others, the following
terms, subject to resolution on all other open issues and completion of definitive documentation: (i) a purchase price of $3.1 billion in cash; (ii) a 42.5% CVR Net Proceeds Split and seven-and-a-half-year CVR Term; (iii) a $750 million Shareholder Return Cap, provided that no such shareholder return would result in Intelsat holding a cash
balance of less than $300 million; (iv) a $250 million Proposed Regulatory Reverse Termination Fee, together with a commercial agreement to be entered into between the parties in the event the Share Purchase Agreement is terminated
under circumstances, among others, in which SES would owe the Proposed Regulatory Reverse Termination Fee; (v) the scope of Proposed Burdensome Conditions; (vi) no Proposed MAE Trigger Provision; (vii) the Share Purchase Agreement
would not include a “fiduciary out” for Intelsat; (viii) the Share Purchase Agreement would be governed by Luxembourg law, except that any action by a party to specifically enforce the terms of the Share Purchase Agreement would be
governed by New York law; and (ix) Intelsat and SES would seek voting and support agreements from holders of two-thirds of Intelsat’s common shares, which SES maintained it would require prior to the
execution of the Share Purchase Agreement.

However, a number of key open issues remained, and the likelihood of reaching agreement on the
Proposed Acquisition remained highly uncertain, particularly in light of the lack of exclusivity, the fact that discussions for the Initial Proposed Transaction had terminated after advanced negotiations, and the uncertainty as to whether holders of
two-thirds of Intelsat’s common shares would enter into Support Agreements.

On
April 13, 2024, Skadden sent Gibson Dunn a revised draft of the Share Purchase Agreement reflecting the parties’ agreement to the terms described above, as well as, among others, the following positions: (i) the purchase price would
be reduced dollar-for-dollar, for any Third-Party Transaction Expenses (other than Regulatory Expenses) and any Employee Transaction Payments