The French aerospace and defense group Thales has signed a binding agreement with the Gorgé family consortium to purchase their combined 35.51% stake in Exail Technologies. The ultimate goal is to take control of 100% of the group specializing in autonomous robotics and underwater drones, through a mandatory takeover bid that values the company at 3.9 billion euros.
The transaction is based on a price of 134 euros per Exail share, representing a premium of close to 10% compared to last Friday's closing price and 44% compared to Exail's stock price on June 25, 2026. This price implies an enterprise value for Exail of 3.9 billion euros.
The announcement of this acquisition comes after Safran confirmed last Friday the end, without an agreement, of discussions initiated on June 26 for a potential acquisition of Exail.
The purchase of the Gorgé family's stake is expected to be completed in the third quarter of 2027, once the usual regulatory and competition approvals have been obtained. Subsequently, Thales will file a mandatory takeover bid with the Financial Markets Authority (AMF) for 100% of Exail's shares and for ODIRNANE bonds (Perpetual Subordinated Bonds Redeemable in Cash and/or New or Existing Shares), which is estimated to close by early 2028 at the latest.
With this operation, already unanimously supported by Exail's board of directors, Thales will strengthen its position in the field of submarine warfare, leveraging Exail's extensive expertise in unmanned mine countermeasures systems and maritime drone solutions.
The French company anticipates the generation of significant synergies through the joint reinforcement of R&D and the integration of its commercial and industrial platforms, both with solid growth trajectories. Thales estimates that commercial synergies could contribute an additional 500 million euros in revenue over a 10-year horizon.
Furthermore, Thales estimates that the improvement in operational efficiency resulting from the integration could add more than 60 million euros in additional adjusted EBIT in 2030. In total, the contribution to adjusted EBIT from synergies would reach 90 million euros in 2032.
"With this acquisition, Thales and Exail plan to join forces. Together, thanks to our talent and capabilities, we will strengthen our high-tech industrial base and innovation for our top-tier defense and civilian customers, while reinforcing Europe's technological sovereignty," said Patrice Caine, Chairman and CEO of Thales.
With revenues of €479 million in 2025, double-digit growth expected for 2026, and over 2,200 employees, Exail is a high-tech dual industrial group based in Paris, specializing in advanced robotics, navigation, aerospace, and photonics solutions.