French aerospace and defence group Thales has agreed to acquire Exail Technologies in a deal valuing the maritime robotics and navigation specialist at €3.9 billion ($4.5 billion), strengthening its position in underwater defence systems and autonomous technologies. According to Reuters and Bloomberg, Thales will first acquire the 35.51% stake held by the Gorgé family before launching a mandatory tender offer for the remaining shares at €134 per share. The offer represents a 44% premium to Exail’s unaffected share price on June 25, before reports of a potential acquisition emerged.
The acquisition follows the collapse of rival Safran’s bid for Exail and is expected to significantly expand Thales’ capabilities in underwater warfare, maritime robotics, and inertial navigation systems. Exail has become a leading supplier of autonomous mine-countermeasure drones and advanced navigation technologies, products that have seen growing demand as governments increase defence spending amid heightened geopolitical tensions. Thales said the transaction is expected to be immediately accretive to earnings and generate more than €90 million in annual revenue and cost synergies by 2032.
Subject to regulatory and antitrust approvals, Thales expects to complete the purchase of the Gorgé family’s stake by the third quarter of 2027, after which it will launch the mandatory offer for all remaining shares and bonds, with full completion expected by early 2028. The company said the acquisition will not affect its existing dividend policy and aligns with its long-term capital allocation strategy. Exail’s board has unanimously welcomed the proposed combination, noting that the merger would create a stronger European leader in high-end defence technologies.
For Europe’s defence industry, the acquisition underscores the accelerating consolidation of strategic technology companies as governments increase investment in advanced military capabilities. Analysts say combining Thales’ global defence platform with Exail’s expertise in autonomous maritime systems will strengthen Europe’s technological sovereignty while positioning the enlarged group to benefit from rising international demand for naval defence, robotics, and next-generation navigation solutions.
