Thales agrees to buy Exail controlling stake at 44% premium after Safran drops out
Thales has reached an agreement to buy the Gorgé family's 35.5% stake in underwater drone maker Exail for €134 per share, a 44% premium, opening the door to a full takeover after rival Safran abandoned its pursuit.
The deal
Thales announced on Monday 6 July that it had reached an agreement with the Gorgé family, Exail's controlling shareholder, to acquire its 35.5% stake for €134 per share. The offer represents a 44% premium to Exail's unaffected share price on 25 June. The transaction is a first step toward a full takeover, with a public offer (OPA) to follow for remaining shares.
Safran's exit and a 48-hour dash
Rival Safran, which had been in talks to acquire Exail, withdrew from negotiations on Friday evening, 3 July. According to Les Echos, Raphaël Gorgé ended discussions with Safran, leaving the field open for Thales. Over the weekend, Thales moved quickly to secure the deal. Le Figaro reported that an agreement was reached in a single night, while Les Echos described a 48-hour sprint to clinch the acquisition.
- Safran ends negotiations with Exail's controlling shareholder
- Thales announces agreement to buy 35.5% stake
- Acquisition of Gorgé family stake expected to close
- Public offer for remaining shares targeted for completion
Bidding context
Safran, with 2025 revenue of €31 billion and over 100,000 employees, had been pursuing Exail, a company valued at around €2 billion. Thales, with €22 billion in revenue and 80,000 employees, ultimately won the contest. The deal values Exail's equity at a significant premium, reflecting its growth in the defense drone market.
- Safran
- 31 € billion
- Thales
- 22 € billion
Exail's business
Exail Technologies, formed from the merger of ECA Group and iXblue, specializes in mine-hunting maritime drones and inertial navigation systems. The company reported 2025 revenue of €479 million, up 28% year-on-year, with more than half coming from defense. It employs 2,200 people and has been manufacturing marine drones for over 20 years. A major mine-hunting contract for the Belgian and Dutch navies in 2019 helped multiply its order book tenfold to over €1 billion.
Strategic rationale and synergies
Thales said the acquisition would increase its scale in underwater warfare and expand its capabilities in inertial navigation. The group expects Exail to generate more than €90 million in annual revenue and cost synergies by 2032. Exail's shares have risen almost 600% over the past three years, driven by investor bets on growing defense spending and demand for drones.
Together, thanks to our talents and capabilities, we will strengthen our high-tech industrial base and the innovations we develop for our world-class civil and military clients, while reinforcing Europe's technological sovereignty.
Next steps
The acquisition of the Gorgé family stake is expected to close by the third quarter of 2027. The subsequent public offer for all outstanding shares is targeted for completion by early 2028.
