Kraken Robotics Inc. has announced that it has entered into an agreement to acquire Covelya Group Limited, a leading international provider of mission-critical underwater technology solutions operating through its subsidiary companies: Sonardyne
Kraken Robotics Inc. has announced that it has entered into an agreement to acquire Covelya Group Limited, 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 to the seller pursuant to a share purchase agreement dated March 3, 2026, between Kraken, its subsidiary Kraken Robotic Systems Inc. and Sonardyne Holdings Limited.
Acquisition Rationale
- Positions Kraken as a major supplier of dual-use subsea technology.
- Combined revenue of $365 million in 2025 with a Combined Adjusted EBITDA margin of 24%.
- Acquiring a high growth (24% revenue CAGR since 2023), profitable company with attractive margins.
- Allows for deeper customer relationships in the fast-growing defense and maritime surveillance market.
- Expands product offering and Kraken’s total addressable market in subsea technology.
- Adds strategic locations for geographic expansion and improves business diversification.
- Bolsters technical capabilities with an experienced engineering team and highly advanced facilities.
- Accretive across key financial metrics with
Content Original Link:
" target="_blank">
