Kraken Robotics Nears Completion of Major Strategic Acquisition

Kraken Robotics secures funding for its $615M acquisition of Covelya Group, set to close in June 2026. The deal adds $250M+ in revenue and 750 employees, accelerating global subsea expansion.

The pieces are falling into place for Kraken Robotics' transformative $615 million acquisition. The company has advanced the final stages of its planned takeover of the UK-based Covelya Group Ltd., with the transaction's closing now scheduled for the end of June 2026.

A Significant and Growing Target

Covelya represents a substantial addition to Kraken's portfolio. The target company is projecting annual revenue for the 2025 fiscal year to land between $249 million and $275 million. This performance is underpinned by a compound annual growth rate of approximately 24% since 2023. Beyond the financials, the deal brings Kraken immediate global scale in subsea technology through Covelya's workforce of roughly 750 employees spread across 12 international locations.

Funding Secured and Integration Timeline

Financing for the purchase is fully arranged. The total consideration of $615 million comprises $480 million in cash and $135 million to be paid in Kraken Robotics shares to Sonardyne Holdings. The required cash component is already secured following a recently completed equity offering, which raised $402.5 million. This figure includes the full exercise of an over-allotment option that added $52.5 million.

Management anticipates finalizing the integration of Covelya's underwater technology units within the second quarter of 2026. A successful and timely integration is expected to rapidly elevate Kraken Robotics into a considerably larger player in the international subsea market. This expansion is fueled by acquiring a business that has recently been delivering double-digit growth.