COVELYA GROUP acquired by KRAKEN ROBOTICS

Kraken Robotics has entered into a definitive agreement to acquire Covelya Group, marking the largest acquisition in its history. This transaction represents a pivotal milestone in the company's scale-up strategy and its ambition to establish itself as a leading player in underwater technologies. The combination is driven by a strong industrial and technological complementarity. Kraken brings its expertise in synthetic aperture sonars, high-performance underwater batteries, and autonomous robotic systems, while Covelya complements these capabilities with its acoustic positioning, navigation, imaging, data processing, and underwater surveillance solutions. Together, the two companies aim to create an integrated platform that covers the entire value chain of underwater operations, from data collection to analysis and operational exploitation. The acquisition also significantly enhances Kraken's commercial presence and installed base. With approximately $365 million in revenue in 2025 and over 700 customers across the defense, offshore energy, marine mapping, and critical underwater infrastructure sectors, Covelya adds substantial scale to the combined group. The transaction will be funded through a combination of cash and shares issued to Covelya's shareholders. The necessary financing has been secured, and key regulatory and stock exchange approvals have been obtained, paving the way for an expected completion in early July 2026, subject to customary closing conditions. This acquisition takes place in a context of sustained growth in investments in autonomous naval systems, maritime surveillance, and critical infrastructure protection. The new entity is therefore well-positioned in one of the most promising segments of the global defense and maritime technology markets.