Safran confirmed on 3 July 2026 that exclusive negotiations for the contemplated €2.2 billion acquisition of Exail Technologies ended without a binding agreement, as the parties failed to reach mutually acceptable terms. The proposed deal, which targeted the Gorgé family’s 44% controlling block at €128.50 per share followed by a mandatory public offer, is definitively cancelled. Exail Technologies remains independent, retaining its DriX surface drones and fiber-optic-gyro navigation systems, while Safran will not proceed with the mandatory public offer for remaining shares. Regulatory clearance from the AMF and French foreign-investment approvals were never reached. The collapse underscores volatility in large-scale defense M&A, leaving Exail’s naval robotics and inertial-navigation capabilities available to other buyers or partners in the sector.