Thales Acquires Gorgé Family Stake in Exail Technologies for €3.9 Billion

EQT to Acquire Exolaunch

June 18, 2026

Aerospace & Defense

EQT X, the private equity arm of EQT, has entered into a definitive agreement to acquire Exolaunch, a Germany-based satellite deployment technology and launch mission management firm. The deal is expected to close in Q4 2026, subject to customary conditions and approvals.

THEON INTERNATIONAL Acquires 9.77% Stake in Exosens from HLD Europe

January 7, 2026

Aerospace & Defense

HLD Europe has completed the sale of a 9.77% stake in Exosens to THEON INTERNATIONAL at a price of €54 per share. After the transaction HLD Europe retains a 22.35% stake in Exosens; THEON (a European night-vision and thermal imaging manufacturer) takes a strategic minority position in the company.

Groupe HLD Acquires Photonis (now Exosens) from Ardian

November 18, 2025

Aerospace & Defense

Groupe HLD (HLD Europe) acquired Photonis Group (rebranded Exosens) from Ardian in 2021 in a reported €370 million buyout. Under HLD ownership Exosens expanded through nearly ten add-on acquisitions, grew to roughly 1,600–1,900 employees with ~€394m turnover, and completed an IPO on Euronext Paris in June 2024.

MARA Holdings Invests in Exaion (EDF Pulse Ventures) for 64% Stake

August 16, 2025

Cloud & SaaS

MARA Holdings has entered into an investment agreement with EDF Pulse Ventures to acquire a 64% stake in Exaion, a subsidiary of EDF, with an option to increase ownership to 75% by 2027. The deal is expected to close around Q4 2025, subject to regulatory approvals.

Astorg Acquires Majority Stake in Steliau

February 26, 2024

Industrial Services

Astorg, a European private equity firm, has signed an agreement to acquire a majority stake in Steliau, a pan-European value-added distributor (VAD) of electronic solutions, from B&Capital. Steliau, founded in 1992 and headquartered in Montrouge, France, employs more than 200 people across eight countries and will partner with Astorg to accelerate organic growth and execute a buy-and-build strategy.

Thales Signs Agreement to Acquire S21sec and Excellium (Maxive Cybersecurity)

May 17, 2022

Cybersecurity

Thales has signed a definitive agreement with Sonae Investment Management to acquire cybersecurity consulting, integration, and managed services companies S21sec and Excellium, held under Maxive Cybersecurity. The deal is intended to expand Thales’ cybersecurity portfolio—particularly incident detection and response/SOC capabilities—and materially grow its European footprint in Spain, Portugal, Luxembourg, and Belgium.