Theon to buy 9.8% stake in France's Exosens

(Sharecast News) - Theon International has agreed to buy a 9.8% stake in Exosens for €268.7m, or €54 per share, sending shares in the French night-vision goggle maker surging. Exosens specialises in advanced electro-optical technologies, including light amplification, detection and imaging systems, Theon said in a statement on Saturday.

Once the deal completes, Theon will become the second-largest shareholder in Exosens, after Groupe HLD.

Theon founder and chief executive Christian Hadjiminas said: "Theon and Exosens have been close commercial partners for years, having been awarded landmark contracts in Europe and Middle East.

"Theon remains committed to maintaining its longstanding commercial relationship with Exosens, which remains governed by existing contractual arrangements."

At 0945 BST, Exosens shares were up 6.9% at €46.45.