French company Thales will buy the Franco-Belgian underwater drone specialist Exail Technologies.
The French defense group has reached an agreement to acquire 35.51% of Exail Technologies and then take over the remaining part of the capital of the company active in maritime robotics through a mandatory public takeover offer.
The agreement initially provides for Thales to acquire the stake held by the Gorgé family, a French family-run industrial group that controls Exail, with the goal of acquiring 100% following the launch of a public takeover offer (TOB) that would value the company at 3.9 billion euros.
The announcement comes after turbulent negotiations, comments the French daily Les Echos, that is after the failure of negotiations announced on Friday between the French Safran and Exail Technologies. At the same time, the latter announced that no binding agreement was reached with Safran, which last month declared it was in exclusive talks for a potential acquisition of Exail for about 2.2 billion euros.
Thus, Thales has overtaken French rival Safran in the race to acquire Exail, leveraging the growing demand for underwater drones due to the mine crisis in the Strait of Hormuz, notes today Bloomberg.
All the details.
FEATURES OF THE OPERATION
Specifically, Thales will pay 134 euros per Exail share, with a 44% premium over the market price of June 25, valuing the company at 3.9 billion euros. This represents an increase of 4.28% compared to Safran’s offer (128.50 euros), specifies today La Tribune.
Then, upon obtaining clearance from antitrust and regulatory authorities, the company led by Patrice Caine aims to complete the operation by the third quarter of next year. As already mentioned, the operation aims to pave the way for the acquisition of 100% after the launch of a public takeover offer.
Subsequently, the French defense group will launch a mandatory public takeover offer at the same price per share of 134 euros on the remaining Exail capital, with closing expected by early 2028.
WHAT EXAIL TECHNOLOGIES IS AND WHAT IT DOES
Born from the merger of ECA Group and iXblue, Exail Technologies currently has about 2,200 employees. Exail competes in the underwater drone sector with larger conglomerates such as Thales, Swedish Saab, and Norwegian Kongsberg Gruppen ASA.
The company has seen a strong increase in demand for its mine clearance systems, driven by growing geopolitical tension in the Middle East and risks related to the possible use of mines in the Strait of Hormuz, a strategic hub for global oil and gas traffic.
THE STOCK BOOM
Exail shares have increased by almost 600% in the last three years, as investors bet that rising defense spending and changing military needs will stimulate demand for drones.
THE LATEST FIGURES OF THE FRANCO-BELGIAN COMPANY
In 2025 the company recorded revenues of 479 million euros, an increase of 28% compared to the previous year, with over half coming from the defense sector.
“By joining Thales, Exail and its teams will benefit from a greater capacity to develop cutting-edge technologies for the public sector and for multiple uses, aimed at a globally growing clientele,” commented CEO Raphaël Gorgé.
THALES’ STRATEGY
The acquisition should complement Thales’ naval solutions portfolio, including sonar, radar, and combat systems, with expected synergies of 90 million euros by 2032, Bloomberg further highlights.
Moreover, with this acquisition, Thales gains control of a rapidly growing player and strengthens its position in autonomous systems applied to defense.
“Together, thanks to our talents and capabilities, we will strengthen our high-tech industrial base and the innovations we develop for our world-class civilian and military customers, while also reinforcing Europe’s technological sovereignty,” said Thales CEO Caine in the press release.
Thanks to Exail’s growth and high profitability, the company expects the operation to have a positive impact on adjusted earnings per share starting from the first year after the acquisition’s completion. In the statement announcing the operation, the group also estimates that commercial synergies could translate into an additional 500 million euros in revenue over the next ten years.
EXAIL INVESTORS REASSURED
Finally, as Les Echos points out, this agreement with Thales will reassure investors: Exail now faces very high demand. With the war in Iran and traffic disruptions in the Strait of Hormuz, interest in autonomous systems, which have become essential for maritime route security, has increased significantly, explains the French daily. Likewise, demand for Exail’s technologies: since 2019, the year the company won a major contract for mine-hunting capability for the Belgian and Dutch navies, its order book has multiplied tenfold, exceeding one billion euros.
