Company: SGBAF
Filing Date: 2025-05-08
Form Type: CORRESP
Source: 0001193125-25-115826
Chunk: 1

Company: SES S.A.
Filing Date: 2025-05-08
Form: CORRESP
Chunk 1
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 amounts for other grant holders subject to change in control clauses) which will be recorded in the pre-acquisition income statement of Intelsat and settled out of the $2.6 billion of Closing Cash Consideration. SES has not directed and will not receive any benefit for the acceleration of Intelsat’s RSU and/or PSU plans. As there are no replacement awards and no future service requirements, the compensation expense will not impact the post-closing compensation expense of the Combined Group, and therefore, SES management takes the view that there should not be a pro forma adjustment recorded in this respect. Post-closing, the Company expects that Intelsat employees will participate in the existing stock-based compensation plans available to current staff members of SES. At this point in time, we do not have post-closing information in respect of the number of Intelsat executives to be retained by the Combined Group and their relevant seniority levels. The Company has therefore elected to retain Intelsat’s U.S. GAAP 2024 RSU / PSU compensation charge of $47.0 million in the pro forma financial income statement (adjusted for IFRS as disclosed in Note 3 to the Unaudited Pro Forma Condensed Combined Financial Information) as a proxy for the ongoing financial impact of the Company share-based compensation expense of future awards for Intelsat executive staff and believes that the combined pro forma share-based compensation expense presented reflects appropriately the continuing impact thereof.

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| 2. | Your disclosure on page 11 states that “On September 27, 2024, Intelsat issued a distribution of                                                                                                                                                
 $500 million out of Intelsat’s share premium to Intelsat shareholders. As a result of such distribution, the Closing Cash Consideration payable by SES in connection with the Acquisition as of the date of this prospectus has been reduced to 
 $2.6 billion.” Please reconcile this with your disclosure that SES will pay $3.1 billion in cash at the Closing and your purchase price allocation disclosed on page 125.                                                                       |

RESPONSE: The Company acknowledges the Staff’s comment and confirms that the Preliminary Purchase Consideration of $3.1 billion will be reduced by a $500 million distribution to the Intelsat shareholders which occurred in September 202