Thales has agreed to buy French underwater-drone maker Exail Technologies for $4.5 billion, beating a competing offer by Safran. The acquisition will allow Thales to increase its scale in the underwater warfare market and expand its capabilities in inertial navigation systems.
Exail produces a range of underwater and surface drones, as well as inertial navigation technology, with 76% of its sales coming from navigation and maritime robotics. The market for mine warfare is expected to grow in the high single digits through to 2030.
The purchase is expected to close in the third quarter of 2026, after which Thales will file a mandatory tender offer for all of Exail’s shares and convertible bonds. Thales expects significant value creation for its shareholders from the acquisition, with Exail adding to the company’s earnings per share from the first year.
