Theon Completes Acquisition of 9.8% Stake in Exosens for €268.7 Million
Theon International announced on January 7 the completion of the acquisition of approximately 9.8% of the shares of Exosens SA for a total of €268.7 million. This transaction makes the group the second largest shareholder of this supplier, with whom it has had a long-standing commercial partnership.
Completion of Acquisition
The transaction was finalized after receiving all the required regulatory approvals, according to the press release. The acquisition price was set at €54.0 per share, representing a total stake of about 9.8% in Exosens SA. This deal positions Theon International as the second largest shareholder of the French company. The company stated that this investment is a continuation of a long-established commercial relationship between the two groups, which specialize in night vision equipment and thermal systems for the defense and security sectors.
Strengthening Commercial Ties
The commercial ties between Theon and Exosens have recently been solidified through several major agreements, the group detailed. In December 2025, the two companies extended their long-term commercial supply agreement until 2030. Additionally, a contract revision with OCCAR was signed, involving a firm order for 100,000 night vision systems intended for the German Bundeswehr. According to Christian Hadjiminas, founder and CEO of Theon, quoted in the press release, this contract represents the largest order of night vision systems ever signed by a European NATO member. The company has also secured several contracts in Europe and the Middle East in collaboration with Exosens.
Strategic Acquisition Goals
According to the executive, this acquisition aims to secure the supply chain in a rapidly growing market. The group intends to maintain its leadership position and its ability to meet global demand, which it describes as accelerating. Theon International stated that recent market developments and the geopolitical context reinforce this strategic decision and the favorable outlook for the defense sector. Founded in 1997 in Greece, the group has subsidiaries and production facilities in several countries, including Greece, Cyprus, Germany, the United States, the Gulf, Switzerland, Denmark, Belgium, Singapore, and South Korea. According to the press release, over 240,000 Theon systems are currently in service with armed and special forces in 71 countries, including 26 NATO members. The company has been listed on Euronext Amsterdam since February 2024.
