BOSTON – Troutman Pepper Locke advised Kraken Robotics Inc. (Kraken) (TSX-V: PNG) in its agreement to acquire Covelya Group Limited (Covelya Group), a leading international provider of mission-critical underwater technology solutions operating through its subsidiary companies: Sonardyne International Ltd., EIVA A/S, Forcys Ltd., Wavefront Systems Ltd., Voyis Imaging Inc., and Chelsea Technologies Ltd. For more information, see the press release.
Kraken will acquire Covelya Group for total consideration of $615 million, excluding transaction costs and subject to adjustment, of which $480 million will be paid in cash and $135 million will be satisfied through the issuance of common shares of the company to the seller pursuant to a share purchase agreement dated March 3, 2026, between Kraken, its subsidiary Kraken Robotic Systems Inc., and Sonardyne Holdings Limited.
The Troutman Pepper Locke team that advised Kraken included Tom Rose, Charlene Goldfield, Dan Anziska, Jack Taylor, Lani Blake, Michael Seymour, Peter Jeydel, Hilary Cairnie, Bryan Williamson, Mat Saykiewicz, Emily Schifter, and Barbara Sicalides.
Consistently recognized as a top-tier practice, Troutman Pepper Locke’s corporate attorneys regularly handle strategic deals for clients ranging from industry leading, Fortune 100 corporations to emerging companies. Core areas of service include mergers and acquisitions, corporate finance, corporate governance, securities laws compliance, capital markets transactions, and other significant domestic and cross-border transactions, as well as general corporate counseling.
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