Company: SGBAF
Filing Date: 2025-04-23
Form Type: DRS/A
Source: 0000950123-25-003652
Chunk: 88

Company: SES S.A.
Filing Date: 2025-04-23
Form: DRS/A
Chunk 88
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 its position and recommendation as being based on the totality of the information presented to and factors considered by it. In addition, individual members of the Intelsat Board may have given differing weights to different factors. It should be noted that this 58

Confidential Treatment Requested by SES

Pursuant to 17 C.F.R. Section 200.83

explanation of the reasoning of the Intelsat Board and certain information presented in this section is forward-looking in nature and, therefore, that information should be read in light of the
factors discussed in the section of this prospectus titled “Cautionary Statement Regarding Forward-Looking Statements.”

Regulatory Approvals Required for the Transactions

Under the Share Purchase Agreement, the Acquisition cannot be consummated until
(i) the applicable waiting periods (and any extension thereof) under the HSR Act have expired or terminated and consents of, or filings under, any other Required Antitrust Approvals, including, but not limited to, those with respect to the
European Commission and the United Kingdom’s Competition and Markets Authority, have been received or made and remain in effect; (ii) the applicable consent from the FCC has been obtained and at least 40 days shall have passed since the
issuance of such consent, unless such 40-day period has been mutually waived by both Parties; (iii) the applicable consents of, or filings with, any of the relevant governmental authorities for the
certain telecommunications licenses set forth in Intelsat’s disclosure schedules to the Share Purchase Agreement have been received; (iv) the applicable approval by CFIUS has been received; (v) any consents, authorizations, orders or
approvals that are required under any foreign investment law, the absence of which would prohibit the consummation of the Acquisition and the other Transactions, having been obtained or made or any applicable waiting period in respect thereof having
expired or been terminated; (vi) the applicable approval has been obtained by the DCSA; and (vii) the waiting periods applicable to the Transactions pursuant to Section 122.4(b) of ITAR administered by the U.S. Department of
State’s Directorate of Defense Trade Controls have elapsed. On May 24, 2024, both Intelsat and SES filed their respective HSR Filings. On May 30, 2024, SES and Intelsat jointly filed the applications to obtain the applicable FCC
consent, on October 15, 202