Thales agreed on 6 July to buy the Gorgé family's 35.51% stake in Exail Technologies at €134.00 a share and then bid for the rest of the company, valuing the French naval robotics and navigation group at about €3.9bn.
Why Thales SA is buying Exail Technologies
Thales wants to increase its scale in underwater warfare and expand in inertial navigation systems. It expects the deal to be accretive to adjusted earnings per share from the first year and to generate more than €90m of annual adjusted EBIT impact from synergies by 2032.
Deal terms and financing
The €134.00 price, a 44% premium to Exail's unaffected price of 25 June, applies both to the family stake and to the mandatory offer for the remaining shares and ODIRNANE convertible bonds. Thales and Exail signed the combination agreement on 30 July with terms unchanged, and Exail's board appointed Ledouble as independent expert.
Regulatory approvals and timing
Completion of the family stake purchase is expected by the third quarter of 2027, subject to antitrust and regulatory approvals. Thales will then file the mandatory offer with the AMF, with closing expected by early 2028 at the latest.
Market context
Exail was formed in 2022 from the merger of ECA Group and iXblue, employs about 2,200 people, serves customers in nearly 80 countries and reported 2025 revenue of €479m. In October Exail restated its first-half accounts to book a non-cash charge of €455m linked to financing commitments from the iXblue acquisition, saying the restatement did not change the terms of the Thales offer.
