Exail poised for Thales takeover

Exail, the Paris-listed company that specializes in a number of “dual-use” technology categories including photonics, has agreed a deal that will see it become part of the Thales empire within around 18 months.

Thales says it has signed a binding agreement with the Gorgé family, which owns industrial technology investor Group Gorgé, to acquire its 35.5 per cent shareholding, before a mandatory takeover that is expected to conclude in early 2028.

Thales has agreed to pay €134 for each share in Exail, a 44 per cent premium on recent trading that implies a total valuation of just under €4 billion.

Patrice Caine, the chairman and CEO of Thales, said: “Together, thanks to our talents and capabilities, we will strengthen our high-technology industrial base and innovation for our world-class defence and civil customers, while reinforcing Europe’s technological sovereignty.”

Supercontinuum sources

Established through the merger of ECA Group and the photonics company iXblue in 2022, Exail has positioned itself as a high-tech industrial champion specializing in robotics, maritime, navigation, aerospace, quantum, and photonics technologies.

In early 2025 the firm broadened its portfolio with the acquisition of Limoges-based supercontinuum laser specialist Leukos, while its quantum gravimeters have been deployed on the island of Tenerife to help monitor volcanic activity.

Exail now employs around 2200 people worldwide, and in 2025 posted sales revenues of €479 million. “With our unique offer ranging from components to complex systems, we support our customers for their critical missions in severe environments,” states the company.

Raphaël Gorgé, the chairman and CEO of Exail, added: “Since [2022], Exail’s technological development and growth has been exceptional. By joining Thales, Exail and its teams will have an enhanced ability to develop leading sovereign and dual-use technologies for a growing client base globally.”

Gyroscopes

The two firms point out their complementary sets of expertise that are expected to benefit technologies including autonomous underwater vehicles and navigational devices in the form of optical gyroscopes.

“This acquisition will enable Thales and Exail to combine their complementary strengths and to accelerate their development in the field of quantum sensors,” added Thales.

Back in 2023 the two firms began collaborating on the European Commission's Quantum Communication Infrastructure (EuroQCI) initiative, a project aiming to build a secure quantum communication infrastructure spanning the entire European Union, including overseas territories.

In the opening quarter of 2026 Exail reported a 40 per cent year-on-year jump in sales revenues, following a near-doubling of order intake in 2025.

“Recent geopolitical developments in the Middle East have reinforced global awareness of the challenges related to mine warfare, the vulnerability of GPS positioning systems and the rise of hybrid threats, all of which are at the heart of the group’s technological positioning,” said the firm at the time.