Thales Agrees to Acquire Exail Technologies for €3.9 Billion

The French aerospace and defense corporation Thales agreed on July 6, 2026, to acquire a 35.51% controlling stake in Exail Technologies from the Gorgé family for €134 per share. The deal values Exail at an enterprise value of approximately €3.9 billion, representing a 44% premium over its June 25 share price. This agreement follows the collapse of exclusive negotiations between Exail and Safran, as Thales' offer exceeded the previous proposal from the aerospace company.

Thales intends to launch a mandatory tender offer for the remaining shares and ODIRNANE bonds. While the purchase of the initial stake is expected to close by the third quarter of 2027, full completion of the takeover is projected for early 2028, subject to regulatory and antitrust approvals.

The acquisition targets the robotic underwater operations and anti-submarine warfare markets, which are projected to grow from €85 billion in 2025 to over €700 billion by 2030. Thales expects the merger to generate over €90 million in adjusted earnings before interest and taxation by 2032 and potentially €500 million in additional revenue within 10 years through shared production platforms and joint research.