Theon receives green light for Merio, with a €5 million order already secured
Even before the definitive completion of the transaction, this initial order represents approximately one-third of Merio's projected revenue for 2026. Theon sees in this the replication of a commercial integration model already applied during the acquisition of Kappa.
Acquisition of 80% of Merio: authorizations obtained, finalization underway
Theon International announced on 29 October 2026 that it had received all required authorizations for the acquisition of an 80% stake in Merio. The group indicates that it has also completed all preparatory steps: the transaction is now underway.
Cooperation between the two companies had begun before this stage. Theon justifies this approach by its desire to rapidly capture synergies from its acquisitions, particularly through its international commercial development network.
These preparatory work has already resulted in an order of approximately €5 million relating to Merio's solutions intended for drone applications. According to the group, this amount represents approximately one-third of Merio's projected revenue for the 2026 fiscal year.
This figure gives scope to the announcement: a single order, obtained on day one, equates to a substantial share of the target's expected annual activity. Theon presents it as an early and concrete indication of the synergies that this new acquisition can generate.
In accordance with its usual integration process, Theon retains Merio's management team and key employees, who will support commercial and industrial cooperation between the two entities. Merio's commercial development, production and operational activities will be fully integrated into the group.
Philippe Mennicken, Deputy Chief Executive Officer and Commercial Development Director of Theon, described this first order as encouraging. According to him, the group's international commercial teams will open opportunities and customer discussions to Merio that were previously outside its active portfolio, with discussions already underway on several markets.
The Kappa precedent and the Safran partnership in support
The group draws parallels with the approach followed during the Kappa acquisition. In that case, Theon's commercial development network had contributed to obtaining, within five months of finalization, new orders nearly equivalent to Kappa's revenue in the previous fiscal year.
Theon presents these initial results as an illustration of its acquisition model: combining specialized technologies and entrepreneurial companies with international client access and the group's commercial capabilities, in order to accelerate growth.
The Merio matter is also part of the relationship with Safran, Theon's partner within a joint venture dedicated to gyrostabilized pods. According to Philippe Mennicken, the two partners are preparing the definitive structure of this joint venture and see significant potential to accelerate Merio's commercial development.
Christian Hadjiminas, founder and Chief Executive Officer of Theon, indicated that the group's external growth strategy is not limited to adding technologies. It aims, according to him, to combine entrepreneurial technology companies with client relationships, commercial capabilities and Theon's industrial infrastructure.
The executive recalled the group's intention to play an active role in the integration of the European defense industry. Theon's industrial and technological activities are mainly located in Greece, Germany and France.
Subject to the completion of the HGH acquisition, the group expects to further expand this platform, in order to offer its international clients increasingly integrated electro-optical solutions.
An order that adds to contracts announced since late September
This order extends a series of recent commercial announcements. On 30 September 2026, Theon International reported several contracts totaling approximately €50 million in Europe and the Middle East, including a first major award of its Orion fused binoculars to a Western European user.
On 20 October 2026, the group announced the award of contracts worth €45 million relating to night vision products by two European NATO member states. Theon will publish its activity update for the third quarter of 2026 on 9 November 2026, after market close.
