PARIS and ROME \u2013 Thales agreed to buy 35.5% of French underwater-drone maker Exail Technologies from the Gorg\u00e9 family, and plans to make a tender offer to buy the remainder of the company at an implied enterprise value of \u20ac3.9 billion (US$4.5 billion), beating a competing offer by Safran.<\/p>\n
Thales will offer to buy the remaining Exail shares for \u20ac134 each, the company said on Monday<\/a>. That\u2019s a 44% premium to the Exail share price on June 25, the day before Safran announced talks with the Gorg\u00e9 family at a price of \u20ac128.50 a share.<\/p>\n Safran said it ended exclusive negotiations<\/a> on Friday about the potential acquisition after the parties were unable to reach mutually acceptable terms.<\/p>\n Exail provides maritime drones for several European autonomous mine-hunting systems, including the French program<\/a> led by Thales. The market for mine warfare is expected to grow in the high single digits through to 2030, while the addressable market for unmanned anti-submarine warfare is forecast to increase eightfold by the end of the decade, Thales said in a presentation<\/a>.<\/p>\n \u201cWith this acquisition, Thales aims to increase its scale in the underwater warfare market, and to expand its capabilities in inertial navigation systems through the addition of Exail\u2019s complementary expertise,\u201d the company said.<\/p>\n Thales said the acquisition allows it to gain critical mass in the growing market for unmanned mine countermeasures and speed up innovation in anti-submarine warfare. Exail produces a range of underwater and surface drones, as well as inertial navigation technology, with 76% of its sales coming from navigation and maritime robotics, and the remainder from advanced technologies.<\/p>\n Exail\u2019s autonomous maritime drones are used for underwater mine clearing and seabed mapping, with emerging uses including anti-submarine warfare as well as intelligence, surveillance and reconnaissance. Thales is one of the world\u2019s largest manufacturers of sonar systems, including towed sonar used by many Western navies.<\/p>\n The purchase by Thales of the Gorg\u00e9 family stake is expected to close in the third quarter of 2026, after which the company will file a mandatory tender offer for all of Exail\u2019s shares and convertible bonds that is expected to close by early 2028 at the latest.<\/p>\n Thales said it expects \u201csignificant value creation\u201d for its shareholders from the acquisition, with Exail adding to the company\u2019s earnings per share from the first year, and an impact on Thales operating profit of more than \u20ac90 million by 2032.<\/p>\n Exail had 2025 revenue of \u20ac479 million, and an order book of \u20ac1.1 billion at the end of March, according to the presentation document. That compares with Thales sales of \u20ac22.1 billion last year, and an order book of \u20ac53.3 billion at the end of December.<\/p>\n Thales said the purchase will strengthen its underwater warfare business, allow it to gain market share in inertial navigation systems, and help accelerate development of quantum sensors. Combining the two companies could generate additional revenue of \u20ac500 million within 10 years, Thales said.<\/p>\n Fincantieri acquisitions<\/p>\n Meanwhile, Italian shipyard Fincantieri is spending \u20ac600 million to acquire four maritime drone and undersea engineering firms as it seeks to strengthen its role in the growing civil and defense undersea market.<\/p>\n The Italian state-controlled yard said it was buying firm Next Geosolutions, which offers offshore construction support services, as well as Italian start-ups WSense, Graal Tech and Defcomm which specialize in underwater communications and surface and undersea drones.<\/p>\n \u201cThe acquisitions announced today mark a historic transformation for Fincantieri, as it creates an international champion in the underwater domain,\u201d the group\u2019s CEO, Pierroberto Folgiero, said in a statement.<\/p>\n Supported by a \u20ac500 million capital increase in February, the acquisitions add to Fincantieri\u2019s recent purchases of undersea firm Remazel and torpedo maker WASS.<\/p>\n Following the new acquisitions, Fincantieri\u2019s sub-sea revenue will hit \u20ac1.1 billion this year, \u20ac1.4 billion in 2028 and \u20ac1.8 billion in 2030, the firm said.<\/p>\n Fincantieri said it would seek synergies between civilian and military sub-sea technologies, in the same way it has long sought synergies between its naval vessel and cruise ship businesses.<\/p>\n Following the acquisitions, Fincantieri will employ 1,500 in sub-sea activities in Italy, the Netherlands, the U.K., Norway and the United Arab Emirates, the firm said.<\/p>\n Rudy Ruitenberg is a Europe correspondent for Defense News. He started his career at Bloomberg News and has experience reporting on technology, commodity markets and politics.<\/p>\n Tom Kington is the Italy correspondent for Defense News.<\/p>\n","protected":false},"excerpt":{"rendered":"PARIS and ROME \u2013 Thales agreed to buy 35.5% of French underwater-drone maker Exail Technologies from the Gorg\u00e9…\n","protected":false},"author":2,"featured_media":46832,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13059],"tags":[4391,2208,4392,2209,2206,30854,31308,5,67,31309,5719,31310,4387],"class_list":["post-46831","post","type-post","status-publish","format-standard","has-post-thumbnail","category-thales","tag-circulated-c4isrnet","tag-circulated-defense-news","tag-defense-industry","tag-defense-news","tag-dn-dnr","tag-exail","tag-fincantieri","tag-france","tag-italy","tag-naval-industry","tag-thales","tag-underwater-drones","tag-unmanned"],"_links":{"self":[{"href":"https:\/\/www.europesays.com\/france\/wp-json\/wp\/v2\/posts\/46831","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/france\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/france\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/france\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/france\/wp-json\/wp\/v2\/comments?post=46831"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/france\/wp-json\/wp\/v2\/posts\/46831\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/france\/wp-json\/wp\/v2\/media\/46832"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/france\/wp-json\/wp\/v2\/media?parent=46831"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/france\/wp-json\/wp\/v2\/categories?post=46831"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/france\/wp-json\/wp\/v2\/tags?post=46831"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}