Jymyuutinen viime viikolta:
Kraken ei tullut (vielä) ostetuksi vaan ostaa itse brittiläisen Covelya Groupin hintaan 615 MCAD (~389 MEUR), josta 480 miljoonaa käteisenä. Rahoitus koostuu 135m suunnatusta osakeannista myyjälle, 350m julkisesta osakeannista (merkintähinta 8,50 CAD) ja uudesta velkakirjasta.
Liikevaihdon ja henkilöstön tasolla firma ~kolminkertaistuu, EBITDA ~nelinkertaistuu.
Geminin laskelma diluutiosta (käytä omalla vastuulla)
Edit: anti merkittiin täyteen myös lisäoptioiden osalta, eli pääomaa kerättiinkin 402,5 miljoonaa CAD; tämä päivitetty laskelmaan.
To calculate the “real” post-merger market cap, we have to account for the three distinct equity tranches hitting the TSX Venture (PNG.V).
1. The Share Count Breakdown
| Component | Share Count (Millions) | Explanation |
|---|---|---|
| Current Shares (Pre-deal) | 254.7M | Existing shares outstanding. |
| Public Offering (New) | +47.3M | The $350M CAD Subscription Receipts @ $8.50 → $402.5M with over-allotment. |
| Vendor Consideration (New) | +13.1M | The $135M CAD portion paid to Sonardyne in shares. |
| Pro-Forma Total | ~315.1M | The new total share count. |
2. The “Real” Market Cap (Post-Dilution)
Based on current TSX-V price of $9.80 CAD:
- Market Cap: ~$3.09B CAD
- Total Dilution: Approximately 23.7% (up from 21% because they raised more cash).
Valuation Check
The “hype” you mentioned is now backed by a company with ~$370M CAD in revenue and ~$90M+ CAD in EBITDA.
- Pro-Forma EV/EBITDA: Approximately 33–34x.
While 33x isn’t “cheap,” it represents a massive compression from Kraken’s standalone multiple (~100x). The market is essentially signaling that the ~24% dilution is a fair price to pay for tripling the revenue and quadrupling the EBITDA.
Covelya koostuu kuuden yrityksen ekosysteemistä (kuvaukset alla linkatulta videolta + muista lähteistä):
Sonardyne (1971): The “crown jewel.” Global standard for subsea navigation, positioning, and acoustic telemetry.
Voyis (2007): Specialists in underwater laser scanning and high-definition optical imaging for subsea inspection.
EIVA (1978): The “software brains” providing integrated solutions for marine surveying and oceanography.- Wavefront Systems (2004): Masters of sonar technology, specifically forward-looking sonar for navigation and obstacle detection.
- Chelsea Technologies (1964): Specialists in high-precision sensors for environmental monitoring and defence.
- Forcys (2022): Dedicated subsea defence powerhouse, integrating and packaging Covelya technologies for navies and military organisations.
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 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 opportunity for revenue and cost synergies.
- Maintains balance sheet strength with flexibility to fund future growth.
- Capitalizes on supportive trends in both defence and non-defence sectors, including energy.
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Uutisesta videomuodossa (dumbmaninvesting, joku Kraken-bullero). Loppukaneetti: “Well, Kraken just went from a small cap sonar company to a midcap subsea titan.”
Michael Sikandin take:
- https://x.com/michaelsikand/status/2029280741373427967
- Substack: Kraken Robotics Just Became A Subsea Drone Monopoly
- https://x.com/michaelsikand/status/2030000864656822539
The company $KRKNF/ $PNG.V just bought has its logo stamped on Anduril’s Seabed Sentry product.
Iso juttu. Tässä riittänee pureskeltavaa. 