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Thales to Buy 35.5% Stake in Exail Technologies at €3.9 Billion Value
Thales agreed to purchase the Gorgé family's 35.5% holding in Exail Technologies and launch a tender offer for the remainder at an enterprise value of €3.9 billion. The move follows Safran's withdrawal from exclusive talks last week. Fincantieri separately announced €600 million in acquisitions to expand its underwater capabilities.
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Thales agreed to buy the Gorgé family's 35.5% stake in Exail Technologies and plans a tender offer for the rest of the company at an implied enterprise value of €3.9 billion, Defense News reported. The French defense group will pay €134 per share for the remaining shares, a 44% premium to the June 25 closing price.
Safran had announced exclusive talks with the Gorgé family on June 26 at €128.50 a share but ended negotiations on Friday after failing to reach mutually acceptable terms, the report said.
Thales will acquire the exact 35.51% stake at €134, or $153, per share. Exail supplies maritime drones for European autonomous mine-hunting programs, including a French system led by Thales. The company generates 76% of its sales from navigation and maritime robotics, with autonomous drones used for mine clearing, seabed mapping, and emerging anti-submarine warfare roles.
Thales said the acquisition will increase its scale in underwater warfare, expand inertial navigation capabilities, and accelerate innovation in unmanned mine countermeasures. The company expects the deal to add to earnings per share from the first year and deliver more than €90 million in operating profit impact by 2032, with potential additional revenue of €500 million within 10 years.
Exail recorded 2025 revenue of €479 million and held an order book of €1.1 billion at the end of March.
Thales reported sales of €22.1 billion last year and an order book of €53.3 billion at year-end. The Gorgé family stake purchase is expected to close in the third quarter of 2026, after which Thales will file a mandatory tender offer for all Exail shares and convertible bonds, expected to close by early 2028 at the latest.
