Thales announced that it has signed a binding agreement to acquire the Gorgé family concert’s combined 35.51% stake in Exail Technologies. The transaction is being pursued with a view to acquiring 100% of Exail through a mandatory tender offer at €134 per share.
The offer price represents a 44% premium to Exail’s unaffected share price as of June 25, 2026. The transaction implies an enterprise value for Exail of €3.9 billion.
Thales said the acquisition is intended to increase its scale in the underwater warfare market. The deal is also expected to expand Thales’ capabilities in inertial navigation systems through Exail’s complementary expertise.
Exail is a high-technology industrial group specializing in robotics, navigation, aerospace, photonics, and quantum technologies. The company generated €479 million in revenue in 2025, expects double-digit growth in 2026, and has more than 2,200 employees.
Exail is headquartered in Paris and operates as an ITAR-free group developing dual-use technologies for defense and civilian customers in more than 80 countries. Its Navigation and Maritime Robotics segment includes inertial navigation units for naval, land, and space applications.
The company has also developed a range of underwater drones, maritime surface drones, and remotely operated maritime drones. Its flagship robotics solution is the UMIS system, a next-generation autonomous drone system dedicated to mine countermeasures.
Exail also develops DriX, a high-endurance surface drone platform serving civil and defense applications. Its Advanced Technologies segment develops optics, photonics, quantum technologies, simulators, onboard communication systems, and other advanced equipment.
Thales said the combination will allow it to offer integrated solutions to customers, from components to autonomous systems. The company expects the deal to accelerate the development of unmanned mine countermeasures solutions and support a broader range of operational requirements.
The two companies also plan to combine R&D capabilities in areas including unmanned anti-submarine warfare, artificial intelligence, and autonomy. Thales said Exail’s inertial navigation expertise complements its own technologies, including Thales’ ring-laser gyroscopes and Exail’s fiber-optic gyroscopes.
Thales expects significant value creation from the acquisition. The company said the transaction should be accretive to revenue growth and adjusted EBIT margin profile, while also being adjusted EPS accretive in the first year.
Thales estimates commercial synergies could generate €500 million of additional revenue within 10 years. It also expects enhanced operational efficiency to contribute more than €60 million of additional adjusted EBIT by 2030, with total adjusted EBIT contribution from synergies reaching €90 million by 2032.
The acquisition is expected to have no impact on Thales’ existing dividend policy. Thales also expects its pro forma 2027 net financial leverage to reach about 0.7x, allowing it to maintain a solid investment-grade profile.
The closing of the acquisition of the Gorgé family’s stake is expected by the third quarter of 2027, subject to customary antitrust and regulatory approvals. After that closing, Thales plans to file a mandatory tender offer for 100% of Exail’s shares and ODIRNANE bonds with the AMF, with closing expected by early 2028 at the latest.
Exail’s Board of Directors unanimously and favorably welcomed the proposed combination. The board will issue a reasoned opinion after reviewing the fairness opinion from an independent expert, with an ad hoc committee overseeing that expert’s work.
Thales is a global advanced technologies company focused on the defense, aerospace, and cyber and digital sectors. In 2025, the company generated €22.1 billion in sales and had more than 85,000 employees in 65 countries.
KEY QUOTES:
“With this acquisition, Thales and Exail plan to join forces. Together, thanks to our talents and capabilities, we will strengthen our high-technology industrial base and innovation for our world-class defence and civil customers, while reinforcing Europe’s technological sovereignty.”
Patrice Caine, Chairman and CEO of Thales
“The Gorgé family is pleased to announce the divestment of its stake in Exail to Thales. Under the leadership of Gorgé SA, the 2022 combination of ECA Group and iXblue led to the creation of Exail, a French technological champion specializing in maritime robotics and navigation systems. Since then, Exail’s technological development and growth have been exceptional. By joining Thales, Exail and its teams will have an enhanced ability to develop leading sovereign and dual-use technologies for a growing client base globally.”
Raphaël Gorgé, Chairman and CEO of Exail
