Thales to Take Stake in Exail Ahead of Full Takeover — Update

By Adam Whittaker

Thales agreed to buy a minority stake in Exail Technologies in a deal that values the company at nearly $4.5 billion on an enterprise basis, and plans to later buy the rest of the maritime robotics and navigation systems maker in a tender offer.

The French aerospace and defense group signed an agreement with the Gorge family for its 35.51% combined stake. The agreement values Exail at 3.9 billion euros ($4.46 billion), including debt, Thales said Monday. The family holds a roughly 43.9% stake in the company, according to Euronext.

Thales will pay 134 euros a share--a 44% premium to Exail's share price on June 25, the date before speculation emerged of a potential third-party bid.

Thales later plans to launch a mandatory tender offer for the remainder of the company at the same price.

The agreement comes after France's Safran said late Friday it ended negotiations on a potential deal to acquire Exail. In late June Safran entered exclusive negotiations with the Gorge family to acquire its stake in Exail Technologies.

Thales expects to close the acquisition of the Gorge family's stake by the third quarter of 2027. It will then file a mandatory tender offer for 100% of Exail's shares and bonds, with the closing of the deal expected at the beginning of 2028 at the latest, Thales said.

The deal is expected to be earnings accretive and will have no impact on the existing dividend policy, Thales said.

Write to Adam Whittaker at adam.whittaker@wsj.com

(END) Dow Jones Newswires

July 06, 2026 02:55 ET (06:55 GMT)