Company: SGBAF
Filing Date: 2025-04-01
Form Type: DRS/A
Source: 0000950123-25-003272
Chunk: 87

Company: SES S.A.
Filing Date: 2025-04-01
Form: DRS/A
Chunk 87
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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, 2024, SES and Intelsat jointly filed a consolidated response to comments received from third parties, and on October 25, 2024, SES and Intelsat jointly filed consolidated reply comments. On January 13, 2025, the FCC
issued General Information Requests to SES and Intelsat and the companies each provided their responses in February 2025. On June 24, 2024, Intelsat and SES each received a request for additional information, often referred to as a “second
request,” from the DOJ. Intelsat and SES each submitted their responses and certified substantial compliance with their respective Second Requests in December 2024. As of the date of this prospectus, certain Required Regulatory Approvals have
been received, including the applicable approval by CFIUS, which was received on August 26, 2024.

Certain additional filings
may be made by SES or Intelsat in connection with the Transactions, including certain foreign jurisdictions.

Accounting Treatment of the Transactions

The Acquisition will be accounted for as a business combination using the acquisition method of accounting in accordance with IFRS 3,
Business Combinations (the “IFRS 3”). IFRS requires that one of the two companies in the acquisition be designated as the acquirer for accounting purposes based on the evidence available. SES will be treated as the acquiring entity for
accounting purposes. In identifying SES as the acquiring entity for accounting purposes, SES and Intelsat took into account the relative voting rights of all equity instruments, the intended composition of the governing body and senior management of
the Combined Group and the size of each of the companies. Accordingly, SES will record assets acquired, including identifiable intangible assets, and liabilities assumed from Intelsat at their respective fair values at the date of completion of the
Acquisition. Any excess of the purchase price over the net fair value of such assets and liabilities will be recorded as goodwill.

The
financial condition and results of operations of SES after completion of the Acquisition will reflect Intels