Kraken Robotics closed its CA$615 million acquisition of UK-based Covelya Group. The payment includes CA$480 million in cash. Kraken issued CA$135 million in shares to cover the remaining balance. Covelya Group adds Sonardyne International, EIVA, and Voyis Imaging to Kraken's portfolio. The deal expands Kraken's reach in the defense and maritime surveillance sectors.
Kraken raised its 2026 revenue guidance to a range of CA$290 million to CA$320 million. The company forecasts 2026 adjusted EBITDA between CA$65 million and CA$75 million. Management anticipates CA$10 million in cost synergies over the next 24 months. The acquisition is expected to be significantly accretive to earnings per share in 2027.
Leadership positioned Kraken as a global provider of mission-critical, dual-use subsea intelligence solutions.