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Kraken Robotics Announces Signing of Strategic Acquisition to Expand Global Maritime Capabilities
$615 Million Acquisition of the Covelya Group Will Be Partially Financed Through a $350 Mill...
About this update from Kraken Robotics Inc
[{"type":"text","content":"Kraken Robotics Announces Signing of Strategic Acquisition to Expand Global Maritime Capabilities\n$615 Million Acquisition of the Covelya Group Will Be Partially Financed Through a $350 Million Public Offering of Subscription Receipts Preliminary 2025 Year-End Results and Stand-Alone 2026 Guidance Provided for Kraken Robotics THIS RELEASE IS NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES THE BASE SHELF PROSPECTUS IS ACCESSIBLE, AND THE SHELF PROSPECTUS SUPPLEMENT FOR THE PUBLIC OFFERING AND ANY AMENDMENT TO THE DOCUMENTS WILL BE ACCESSIBLE, WITHIN TWO BUSINESS DAYS, THROUGH SEDAR+ (All dollar amounts are expressed in Canadian dollars, unless otherwise noted.) ST. JOHN’S, Newfoundland, March 03, 2026 (GLOBE NEWSWIRE) -- Kraken Robotics Inc. (“Kraken” or the “Company”) (TSX-V: PNG), is pleased to announce that it has entered into an agreement to acquire Covelya Group Limited (“Covelya Group”), a leading international provider of mission-critical underwater technology solutions operating through its subsidiary companies: Sonardyne International Ltd., EIVA A/S, Forcys Ltd., Wavefront Systems Ltd., Voyis Imaging Inc., and Chelsea Technologies Ltd. The Company will acquire Covelya Group for total consideration of $615 million, excluding transaction costs and subject to adjustment, of which $480 million will be paid in cash and $135 million will be satisfied through the issue of common shares of the Company (“Common Shares”, and such Common Shares the “Consideration Shares”) to the seller pursuant to a share purchase agreement dated March 3, 2026 (the “Share Purchase Agreement”), between Kraken, its subsidiary Kraken Robotic Systems Inc. and Sonardyne Holdings Limited (the “Acquisition”). ACQUISITION RATIONALE Positions Kraken as a major supplier of dual-use subsea technology.Combined revenue(1) of $365 million in 2025 with a Combined Adjusted EBITDA margin(2) of 24%.Acquiring a high growth (24% revenue CAGR(3) since 2023), profitable company with attractive margins.Allows for deeper customer relationships in the fast-growing defence and maritime surveillance market.Expands product offering and Kraken’s total addressable market in subsea technology.Adds strategic locati...