PARIS (Realist English). Europe’s largest defence and technology group, Thales, has announced the signing of an agreement to acquire a controlling stake in Exail Technologies — a French manufacturer of underwater and surface drones. The enterprise is valued at €3.9 billion ($4.45 billion), including debt.
The deal is the result of a competitive battle with French aerospace supplier Safran, which had been in exclusive negotiations with the Gorje family a week earlier but failed to agree on terms.
Deal Details: 44% Premium and Two-Stage Takeover
Under the terms of the agreement, Thales will acquire 35.51% of Exail’s shares from the Gorje family at a price of €134 per share. The Gorje family controls 43.77% of the company’s share capital and 60.52% of voting rights.
The offered price includes a 44% premium over Exail’s share price on June 25, 2026 — before news of a potential third-party bid emerged.
The takeover will proceed in two stages:
- First stage — the closing of the purchase of the Gorje family’s stake is expected in the third quarter of 2027.
- Second stage — Thales intends to launch a mandatory tender offer to acquire the remaining shares and bonds of the company at the same price — €134 per share. The deal is expected to be completed no later than early 2028.
Strategic Rationale: Betting on Underwater Robotics
For Thales, the acquisition of Exail is part of a strategy to strengthen its position in the fields of underwater warfare and mine countermeasures. Exail specialises in marine robotics, navigation systems, unmanned minesweeping vehicles and inertial navigation systems.
The company develops dual-use technologies that are not subject to US export restrictions and has clients in more than 80 countries. Exail’s revenue for 2025 was €479 million.
“By combining our talents and capabilities, we will strengthen our high-tech industrial base and the innovations we are developing for our world-class civilian and military clients, while also reinforcing Europe’s technological sovereignty,” said Thales CEO Patrice Caine.
Exail CEO Raphaël Gorje added: “By joining Thales, Exail and its teams will gain expanded opportunities to develop advanced sovereign dual-use technologies for a growing client base around the world.”
Thales management expects the deal to generate more than €90 million in adjusted operating profit (EBIT) by 2032, with commercial synergies potentially reaching €500 million in additional revenue over ten years.
Market Context: The Race for the Underwater Market and Safran’s Failure
At a joint press conference, Thales and Exail stated that the anti-submarine warfare market could grow almost tenfold — from €85 billion in 2025 to more than €700 billion by 2030.
“The market we are targeting is not only mine warfare, but robotic underwater operations in general,” Caine explained.
The deal was preceded by Exail’s negotiations with Safran, which began in late June. Safran offered €128.5 per share, valuing the company at around €2.19 billion, but the parties were unable to reach an agreement.
According to TP ICAP Midcap analyst Julien Thomas, Thales was the “only natural potential buyer” for Exail, as the industrial logic of the deal was far more obvious for Thales than for Safran.
He also noted that the French government, which owns 26% of Thales, likely supported the deal in line with national security priorities.
The Italian Response: Fincantieri Consolidates Positions
On the same day, Italian shipbuilding group Fincantieri announced agreements to acquire stakes in four companies to strengthen its position in marine construction, unmanned underwater and surface vehicles, and underwater wireless communication systems.
This move reflects growing competition among European defence giants for a share of the rapidly expanding marine unmanned systems market, driven by conflicts in Ukraine and the Middle East that have demonstrated the advantages of using swarms of low-cost drones.