French defense company Thales SA sold a €1 billion ($1.2 billion) bond on Thursday, August 20, 2026, to help fund its acquisition of maritime robotics firm Exail Technologies SA. The offering was split into equally sized four-year and eight-year tranches.
The bond sale saw strong investor interest, attracting more than €2.55 billion in demand. Final spreads were set at 45 basis points over mid-swaps for the shorter-tenor note and 65 basis points for the longer one. Both spreads tightened by 32.5 points from initial price thoughts.
This bond issuance comes after Thales agreed to acquire Exail Technologies for an implied enterprise value of €3.9 billion ($4.5 billion). Thales plans to purchase the Gorgé family's 35.51% stake in Exail and then launch a mandatory tender offer for the remaining shares at €134 per share.
