EUROPE | Aerospace & Defense Electronics: What You Need to Know in A&D – Thales‘ acquisition of Exail, Russia-Ukraine

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EUROPE | Aerospace & Defense Electronics: What You Need to Know in A&D – Thales‘ acquisition of Exail, Russia-Ukraine

EUROPE | Aerospace & Defense Electronics EquityJulyResearch6, 2026

What You Need to Know in A&D — Thales' Airbus model Leonardo • •

Avio model modelacquisition of Exail, Russia-Ukraine •

BAE Systems MTU model • •

RENK modelIn this document, we present the key news impacting the European A&D sector. model •

Today, we explore: Thales to acquire Exail following end of talks with Safran, • CSG model • Rheinmetall

Dassault model •further push from the US for Russia-Ukraine deal as well as Thales and RENK Aviation model Rolls-Royce •

Hensoldt model modelrecent notes. •

Safran model •

Safran (Hold), Thales (Buy): Thales acquire Exail following end of talks with Safran Thales model •

Following the announcement on Friday from Safran that its negotiations regarding the potential

acquisition of Exail Technologies (NC) had ended, Thales published a press release this morning

informing that it has signed a binding agreement with the Gorgé family. Under this agreement,

Thales will acquire the family's 35.51% stake, and aims to acquire 100% of Exail through a

mandatory tender offer, for €134 per share (EV of €3.9bn), vs. €128.5 under the offer from Safran.

The acquisition is said to be accretive to Thales' growth and margin profile with >€90m of costs and

revenue synergies targeted by 2032. In 2025, Exail grew sales by 28% to €479m, with a backlog of

now €1,074m; it targets double-digit growth in 2026, with EBITDA growth exceeding revenue growth.

Thales will host a call on the acquisition at 7:00 BST / 8:00 CET, webcast here. We note the EV of €3.9bn

would be made up of €2.3bn of equity value with the remainder being Exail's debt. VisibleAlpha consensus