Company: SGBAF
Filing Date: 2025-05-15
Form Type: 424B3
Source: 0001193125-25-120606
Chunk: 80

Company: SES S.A.
Filing Date: 2025-05-15
Form: 424B3
Chunk 80
---
 | Favorability Over Alternatives. The Intelsat Board’s review of other strategic alternatives not                                                                                                                                           
 involving the acquisition of the Intelsat Group, and the Intelsat Board’s belief that the Transactions presented a more favorable opportunity for Intelsat’s shareholders than the potential value that might result from other strategic 
 alternatives available to Intelsat.                                                                                                                                                                                                       |

| • |     | Effect of Failing to Enter into the Share Purchase Agreement. The possibility that, if the Intelsat Board                                                                                                   
 declined to approve the Share Purchase Agreement, there may not be another opportunity for Intelsat’s shareholders to receive a comparably priced transaction with a comparable level of closing certainty. |

| • |     | SES Creditworthiness. The fact that SES is a creditworthy entity with substantial assets, and the Share                                                                                                                                              
 Purchase Agreement permits Intelsat to pursue damages or seek specific performance remedies to cause SES to perform its obligations under the Share Purchase Agreement, including its obligation to close the Transactions after the satisfaction or 
 waiver of all applicable closing conditions.                                                                                                                                                                                                         |

| • |     | Financing. The fact that SES has obtained committed debt financing for the Transactions from reputable                                                                                                                
 financial institutions, and that SES has represented that it will have sufficient cash funds for the entire amount of the cash consideration and other fees and expenses payable in connection with the Transactions. |

| • |     | Support Agreements. The entry into the Support Agreements by certain Intelsat shareholders. |

| • |     | Other Terms of the Share Purchase Agreement. Certain other terms and conditions of the Share Purchase 
 agreement, including the following:                                                                   |

| • |     | the limited number of closing conditions included in the Share Purchase Agreement, including the absence of a                                                                               
 financing condition or similar contingency that is based on SES’ ability to obtain financing as well as the likelihood of satisfaction of all conditions to completion of the Transactions; |

| • |     | the requirement of the parties to use reasonable best efforts to obtain approvals or clearances by applicable                                                                                                                                        
 governmental authorities, including by divesting assets, holding assets separate or otherwise taking any other action necessary to obtain such approvals or clearances, except to the extent that the taking of any such actions would reasonably be 
 expected to result in certain burdensome conditions;                                                                                                                                                                                                 |

| • |     | the requirement that, in the event of the termination of the Share Purchase Agreement in certain circumstances                    
 due to the parties’ failure to obtain all required regulatory approvals, SES will pay Intelsat a