Thales strikes deal for controlling stake in compatriot drone maker Exail
Thales Acquires Major Stake in Exail: Details and Implications
By Hugo Lhomedet and Jakob Van Calster
Acquisition Agreement and Offer Details
July 6 (Reuters) - Thales said on Monday it had reached an agreement with Exail's 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.
Context of the Deal
The move comes after Safran, which had previously been linked to a potential bid for the €2 billion company, dropped out of discussions on Friday.
Industry Reactions and Government Involvement
Julien Thomas at TP ICAP Midcap told Reuters that apart from Thales, he "could not have identified any other natural potential buyer for Exail" with an industrial rationale far clearer than for Safran.
He added he thought the French government, which owns a 26% stake in Thales, must have encouraged the deal and he didn't expect any antitrust issues.
Market Impact and Future Projections
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.
The group added that by 2032, the deal should generate more than €90 million of adjusted earnings before interest and taxation and savings at run rate.
Reporting Credits
(Reporting by Jakob Van Calster and Hugo Lhomedet in Gdansk, Florence Loeve in Paris Editing by Shri Navaratnam and Louise Heavens)
