Kraken Robotics Inc. has announced that it has obtained all necessary regulatory and stock exchange approvals to finalize its acquisition of Covelya Group Limited. The deal was initially announced on March 3, 2026.
Acquisition Timeline
The company expects the transaction to close on July 2, 2026, pending the satisfaction of customary closing conditions. Kraken Robotics (TSX-V: PNG, OTCQB: KRKNF) is a Canadian-based firm specializing in subsea technology.
CEO Statement
Greg Reid, President and CEO of Kraken Robotics, expressed enthusiasm about the milestone. “We are excited to have received final regulatory approval for our highly strategic and transformative acquisition of Covelya Group,” he said. “Upon closing, our focus will shift to welcoming Covelya’s employees and to creating a global leader in mission-critical solutions for underwater platforms and subsea sensors/monitoring systems.”
About Kraken Robotics
Kraken Robotics is transforming subsea intelligence through 3D imaging sensors, power solutions, and robotic systems. The company’s products and services help clients overcome ocean challenges safely, efficiently, and sustainably. Its synthetic aperture sonar, sub-bottom imaging, and LiDAR systems offer high-resolution insights into ocean safety, infrastructure, and geology. Additionally, Kraken’s pressure-tolerant batteries provide high energy density power for unmanned underwater vehicles (UUVs) and subsea energy storage.
Headquartered in Canada, Kraken has offices in North America, South America, and Europe, supporting clients in over 30 countries worldwide.
About Covelya Group
Covelya Group is a leading international provider of mission-critical underwater technology solutions. Its subsidiary companies include Sonardyne International Limited, EIVA A/S, Forcys Limited, Wavefront Systems Limited, Voyis Imaging Inc., and Chelsea Technologies Ltd. The acquisition was first announced on March 3, 2026.
Forward-Looking Statements
This news release contains forward-looking statements within the meaning of applicable Canadian securities laws. These statements involve known and unknown risks, uncertainties, and other factors that may cause actual results or events to differ materially from those anticipated. Such risks include failure to satisfy remaining conditions to closing, changes in market conditions, and regulatory developments. Readers are cautioned not to place undue reliance on forward-looking statements.
