Company: SGBAF
Filing Date: 2025-01-17
Form Type: DRSLTR
Source: 0000950123-25-000379
Chunk: 3

Company: SES S.A.
Filing Date: 2025-01-17
Form: DRSLTR
Chunk 3
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 prospectus, and therefore the Company respectfully advises the Staff that it believes that such information is not required by Item 4(b) of Form F-4. SES’s Reasons for the Transactions, page 54

| 8. | You indicate in this section that in approving the merger with Intelsat, “the SES Board considered the                                                                                 
 strategic alternatives available to SES in the United States, Luxembourg and globally.” Please revise your discussion to identify the strategic alternatives considered by SES’ board. |

Response: The Company acknowledges the Staff’s comment and has revised page 54 of Amendment No. 1 accordingly.

Laura Veator Stephen Krikorian January 17, 2025 Page 4 Intelsat – Management’s Discussion and Analysis of Financial Condition and Results of Operations Adjusted EBITDA Note 1, page 142

| 9. | Revise your disclosures to clarify the amounts associated with expenses relating to Intelsat’s employee                                                                                            
 retention incentive plans. Clarify the nature of these expenses and how they are not cash operating expenses necessary to run your business. Refer to question 100.01 of the Commission’s Non-GAAP 
 Compliance and Disclosure Interpretations.                                                                                                                                                         |

Response: The Company acknowledges the Staff’s comment and has considered Question 100.01 of the Non-GAAPFinancial Measures Compliance and Disclosure Interpretations. The Company respectfully advises the staff that we have updated the registration statement to remove Intelsat’s presentation of Adjusted EBITDA. Note 2, page 143

| 10. | Revise your disclosures to quantify each adjustment included in                                                                                                                                          
 “Non-recurring and non-cash items” and clarify how these are not cash operating expenses necessary to run your business. Tell us how you considered the                                                  
 guidance in question 100.01 of the Commission’s Non-GAAP Compliance and Disclosure Interpretations, including that the Staff views an operating expense that occurs occasionally, including at irregular 
 intervals, as recurring.                                                                                                                                                                                 |

Response: The Company acknowledges the Staff’s comment and has considered Question 100.01 of the Non-GAAPFinancial Measures Compliance and Disclosure Interpretations. The Company respectfully advises the staff that we have updated the registration statement to remove Intelsat’s presentation of Adjusted EBITDA. Security Ownership of Certain Beneficial Owners and Management of SES, page 155

| 11. | Please disclose the natural person(s) who have voting and/or investment control over the Class A shares 
 held by Lazard Asset Management, David A. Te