Company: SGBAF
Filing Date: 2025-04-23
Form Type: DRS/A
Source: 0000950123-25-003652
Chunk: 71

Company: SES S.A.
Filing Date: 2025-04-23
Form: DRS/A
Chunk 71
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from, the Intelsat Board on the discussions with SES, and members of SES management, representatives of Guggenheim Securities and Gibson Dunn regularly updated, and received direction from, the SES Board on the discussions with Intelsat.

In February 2023, Intelsat and SES agreed to a nonbinding term sheet setting forth certain terms for the Initial Proposed Transaction,
including an Initial Proposed Economic Ownership Split of 45.5% for Intelsat’s shareholders and certain Proposed Governance Terms. However, a number of key issues remained outstanding and the likelihood of reaching agreement on the Initial
Proposed Transaction remained highly uncertain. In addition, at no point during the negotiations related to the Initial Proposed Transaction did Intelsat and SES enter into a binding exclusivity agreement related to business combination discussions.

From February 2023 through June 2023, Gibson Dunn and Skadden exchanged multiple drafts of a definitive transaction agreement and related
ancillary agreements. In addition, during this period, representatives of Intelsat (including, from time to time, certain members of the Intelsat Board, Messrs. Wajsgras and O’Brien, and Ms. Bryan), certain Intelsat shareholders, SES
(including, from time to time, Messrs. Collar, Jalan, Orton and Potarazu, and Ms. Ries) and their respective advisors, including PJT Partners, Guggenheim Securities, Skadden, Gibson Dunn, Elvinger Hoss Prussen (Intelsat’s Luxembourg legal
counsel in connection with the Initial Proposed Transaction (“Elvinger”)), Hogan Lovells US LLP (SES’s regulatory legal counsel in connection with the Initial Proposed Transaction), Arendt & Medernach (SES’s Luxembourg
legal counsel in connection with the Initial Proposed Transaction (“Arendt”)) and Ropes & Gray LLP (legal counsel to certain Intelsat shareholders managed, advised or sub-advised by Pacific
Investment Management Company LLC), had numerous discussions, including at an in-person meeting in March 2023 at Skadden’s Washington, D.C. offices and a May 2023 meeting at Gibson Dunn’s New York
City offices, in an effort to resolve major open issues across the transaction agreements. The parties were unable to resolve all open issues, including certain Proposed Governance Terms. As a result, the likelihood of reaching agreement on the
Initial Proposed Transaction remained highly uncertain.

On March 29, 2023, it was reported in the press that SES and Int