French defense company Thales has agreed to acquire a 35.5% stake in underwater robotics specialist Exail Technologies from the Gorgé family and intends to launch a mandatory tender offer for the remaining shares. The proposed transaction values Exail at approximately €3.9 billion (US$4.5 billion), surpassing a rival bid previously made by Safran.
Under the offer, Thales will purchase the outstanding Exail shares at €134 per share, representing a 44% premium over the company’s closing share price on June 25, one day before Safran disclosed exclusive acquisition discussions with the Gorgé family based on an offer of €128.50 per share.
Safran confirmed that it terminated its exclusive negotiations on Friday after both parties failed to agree on acceptable acquisition terms.
Strengthening Underwater Warfare Capabilities
Exail is a leading supplier of autonomous maritime systems used in several European mine countermeasure programs, including France’s autonomous mine-hunting initiative led by Thales. According to the company, demand for mine warfare solutions is expected to grow steadily through 2030, while the market for unmanned anti-submarine warfare technologies could expand eightfold during the same period.
Thales said the acquisition will significantly enhance its position in underwater defense by expanding its capabilities in autonomous systems and strengthening its expertise in inertial navigation technologies through Exail’s complementary portfolio.
The company believes the deal will provide the scale needed to compete more effectively in the rapidly growing unmanned mine countermeasure market while accelerating innovation in anti-submarine warfare solutions.
Exail’s Technology Portfolio
Exail develops a broad range of underwater and surface drones, advanced maritime robotics, and inertial navigation systems. Approximately 76% of its revenue is generated from navigation technologies and maritime robotics, while the remainder comes from advanced technology solutions.
Its autonomous underwater platforms are widely used for mine clearance and seabed mapping, with growing applications in anti-submarine warfare, intelligence gathering, surveillance, and reconnaissance missions.
Thales, already one of the world’s leading manufacturers of sonar technologies—including towed sonar systems used by numerous Western naval forces—expects the acquisition to significantly broaden its underwater warfare offerings.
Financial Outlook and Transaction Timeline
The acquisition of the Gorgé family’s stake is expected to be completed during the third quarter of 2026, subject to customary approvals. Once finalized, Thales plans to launch a mandatory tender offer covering all remaining Exail shares and convertible bonds. The process is expected to conclude no later than early 2028.
Thales anticipates that the acquisition will generate substantial long-term value for shareholders. Exail is expected to contribute positively to earnings per share from the first year following integration, while the company projects the acquisition will increase annual operating profit by more than €90 million by 2032.
Exail reported 2025 revenue of €479 million and held an order backlog of €1.1 billion at the end of March. By comparison, Thales generated €22.1 billion in revenue last year and ended December with an order book valued at €53.3 billion.
Beyond strengthening its underwater warfare business, Thales believes the acquisition will improve its market position in inertial navigation systems and accelerate the development of quantum sensor technologies. The company estimates the combined businesses could generate an additional €500 million in revenue over the next decade.
Fincantieri Expands Underwater Business Through Acquisitions
Separately, Italian shipbuilder Fincantieri announced plans to invest €600 million in acquiring four companies specializing in maritime drones and subsea engineering as part of its strategy to expand in both commercial and defense underwater markets.
The acquisitions include offshore engineering company Next Geosolutions, along with Italian technology firms WSense, Graal Tech, and Defcomm, which focus on underwater communications, autonomous surface vehicles, and subsea drone technologies.
Fincantieri Chief Executive Officer Pierroberto Folgiero described the acquisitions as a landmark step that would position the company as a global leader in underwater technologies.
The expansion follows a €500 million capital increase completed in February and builds on the company’s earlier acquisitions of subsea engineering firm Remazel and torpedo manufacturer WASS.
Following completion of the deals, Fincantieri expects its subsea business to generate €1.1 billion in revenue this year, rising to €1.4 billion by 2028 and €1.8 billion by 2030.
The company also plans to leverage technologies across both civilian and military underwater applications, mirroring the cross-sector expertise it has developed between its naval shipbuilding and cruise ship businesses.
Once the acquisitions are completed, Fincantieri’s subsea operations will employ approximately 1,500 people across Italy, the Netherlands, the United Kingdom, Norway, and the United Arab Emirates.
