July 6 (Reuters) – Thales (TCFP.PA), said on Monday it had reached an agreement with Exail’s (EXA.PA), leading shareholder, the Gorgé family, to buy its stake in the French underwater drone technology company in a first step towards a full takeover.
In a press release, Thales said it would offer €134 ($153) a share for the 35.51% stake the Gorgé family owns, a 44% premium to Exail’s share price on June 26.
The move comes after Safran (SAF.PA), which had previously been linked to a potential bid for the €2 billion company, said on Friday it had dropped out of discussions.
Exail’s shares have soared almost 600% over the past three years as investors bet that growing defence spending and changing military needs will boost demand for drones.
“With this acquisition, Thales aims to increase its scale in the underwater warfare market, and to expand its capabilities in inertial navigation systems,” Thales noted in a press release.
The group added that by 2032, Exail should generate more than €90 million in annual revenue and cost synergies.
Reporting by Jakob Van Calster and Hugo Lhomedet Editing by Shri Navaratnam.
