Kraken Robotics Inc., a St. John's, Newfoundland and Labrador-based subsea technology company, agreed to acquire Covelya Group Limited, a UK-headquartered provider of underwater technology solutions, for total consideration of $615 million, subject to adjustment. The consideration comprises $480 million in cash and $135 million in Kraken common shares issued to the seller, Sonardyne Holdings Limited, under a share purchase agreement dated March 3, 2026. Covelya operates through subsidiaries Sonardyne International Limited, EIVA A/S, Forcys Limited, Wavefront Systems Limited, Voyis Imaging Inc., and Chelsea Technologies Ltd., providing navigation, communication, positioning, imaging, and monitoring technology for maritime uncrewed and crewed systems, with nearly 750 employees across 12 facilities in North America, South America, Europe, and Asia-Pacific. The cash portion was partially funded through a bought deal short-form prospectus offering of approximately 47.3 million subscription receipts at $8.50 each, for gross proceeds of approximately $402.5 million, led by Scotiabank and Desjardins Capital Markets as lead underwriters, which closed March 12, 2026. Kraken also arranged a related credit facility. On a combined basis, Kraken and Covelya reported estimated 2025 revenue between $351 million and $379 million, with a combined adjusted EBITDA margin of 24 percent. The transaction received all required regulatory and stock exchange approvals by June 18, 2026, with closing expected July 2, 2026. Kraken will remain headquartered in Canada, retaining its current management team alongside Covelya leadership.