Exail: Safran in Talks with Gorgé Family for a Takeover at €128.50 per Share
Safran and the Gorgé family group have entered into exclusive discussions for a potential acquisition of Exail Technologies at a price of 128.50 euros per share. The transaction would involve the purchase of the controlling stake held by the Gorgé family, followed by a mandatory public offer for the remaining capital, with no guarantee of completion at this stage.
A Structuring Acquisition for Safran in French Defense
At this price, Exail Technologies would be valued at over 2 billion euros, a significant increase from the valuation of about 820 million euros at the time the current group was formed. This valuation reflects Exail's rise in power since the acquisition of iXblue in September 2022 and its integration with ECA Group. Exail achieved a record year in 2025, with a turnover of 479 million euros, up 28%, and order intakes amounting to 844 million euros, an increase of 87%. The order book reached 1.074 billion euros at the end of the year. The French specialist in underwater robotics, mine warfare, and navigation systems is considered strategic for defense. A takeover by Safran would allow the group to maintain French control over these sensitive activities.
ICG's Exit at the Heart of the Transaction
The origin of this sale primarily lies in the liquidity demand from ICG, the investment fund that financed the acquisition of iXblue. In September 2022, ICG contributed 230 million euros to Exail Holding: 81.3 million euros in bonds and 149.7 million euros in preferred shares. These preferred shares generate a high cumulative yield: 14% for the first six years, 16% for the seventh year, and then 18% from the eighth year onward, implying a minimum of twice the initial investment for the fund. Exail Technologies would not be able to refinance ICG's exit alone, estimated between 710 million and 1.2 billion euros depending on valuation methods.
Substantial Divergence on the Valuation of Exail Holding
A substantial divergence exists between the two methods of calculating the exit cost. Sorgem Evaluation, commissioned by Exail, estimates it at 580 million euros, to which about 130 million euros would be added for minority shareholders in 2026. ICG adopts a much higher reading, based primarily on Exail Technologies' stock market price to value Exail Holding, resulting in a total amount of about 1.1 billion euros. The gap between the two approaches is about 380 million euros. This divergence in valuation methods directly conditions the financing of the transaction and weighs on negotiations with Safran.
