$KRKNF

Kraken Robotics to buy Covelya Group for $615M, raise $350M
Mar. 03, 2026
Kraken Robotics (PNG:CA) on Tuesday said it has agreed to acquire U.K.-based Covelya Group Limited for $615 million in cash and shares.
Kraken said $480 million of the purchase price will be paid in cash and $135 million through the issuance of shares to the seller.
The company plans to fund the cash portion through a $150 million secured term credit facility and a bought deal public offering of subscription receipts for gross proceeds of about $350 million.
The offering is expected to close around March 12, subject to regulatory approvals including from the TSX Venture Exchange.
Kraken said Covelya is expected to generate 2025 revenue of $249 million to $275 million and adjusted EBITDA of $60 million to $67 million. On a combined basis, the companies’ estimated 2025 revenue is expected to be between $351 million and $379 million.
Separately, Kraken said its preliminary 2025 revenue is expected to be $102 million to $104 million, with adjusted EBITDA of $24 million to $26 million.
Consensus for FY25 revenue is $122.05M.
For 2026, excluding the acquisition, it forecast revenue of $165 million to $175 million and adjusted EBITDA of $40 million to $50 million.