Company: SGBAF
Filing Date: 2025-05-15
Form Type: 424B3
Source: 0001193125-25-120606
Chunk: 150

Company: SES S.A.
Filing Date: 2025-05-15
Form: 424B3
Chunk 150
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PECTS OF LUXEMBOURG TAXATION THAT MAY BE RELEVANT TO PARTICULAR HOLDERS. HOLDERS ARE URGED TO CONSULT THEIR TAX ADVISORS AS TO THE PARTICULAR TAX CONSEQUENCES TO THEM OF THE RECEIPT OF CASH AND CVRs FOR THEIR INTELSAT COMMON SHARES PURSUANT TO THE TRANSACTIONS, AND PAYMENTS MADE WITH RESPECT TO THE CVRs, UNDER ANY LUXEMBOURG, FOREIGN OR OTHER TAX LAWS, OR UNDER ANY APPLICABLE INCOME TAX TREATY.

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UNAUDITED PRO FORMA CONDENSED COMBINED FINANCIAL INFORMATION Overview The unaudited pro forma condensed consolidated financial information included in this section presents the historical consolidated financial information of the SES Group, adjusted to give effect to the Acquisition of Intelsat by SES, has been prepared in accordance with Article 11 of Regulation S-Xand includes the following:

The SES Group’s consolidated financial statements were prepared in accordance with IFRS and the Intelsat Group’s consolidated financial statements were prepared in accordance with U.S. GAAP. The pro forma financial information includes (i) adjustments to convert the financial information of the Intelsat Group from U.S. GAAP to IFRS, and (ii) reclassifications to conform the Intelsat Group’s historical accounting policies and presentation to the SES Group’s accounting policies and presentation, for known material items. Assumed Purchase Price Allocation The Acquisition will be accounted for as a business combination using the acquisition method of accounting under IFRS 3. The preliminary consideration amounts to €3.0 billion and is composed of the Closing Cash Consideration of €2.5 billion, the equivalent of $2.6 billion (based on an FX rate of 1.0389 as at December 31, 2024), and as explained more fully below an estimated fair value of €531 million contingent consideration in respect of CVRs, the equivalent of $552 million based on an FX rate of 1.0389 as at December 31, 2024. SES does not have full access to all financial information of the Intelsat Group due to regulatory restrictions. However, for the purpose of pro forma financial information the Company believes based on information available to the Company that the carrying values in the historical financial statements of Intelsat reasonably approximate to the fair values. As a result, for the purpose of these pro forma financial information, the assumed allocation of the estimated purchase price is based upon