THEON Acquires French AI Gimbal Maker MERIO in Strategic EU Push

ATHENS, Greece – May 04, 2026 – In a significant move to bolster its technological portfolio and expand its European industrial footprint, defense technology leader THEON International Plc announced it has entered into a binding agreement to acquire an 80% stake in MERIO SAS, a French specialist in advanced gyrostabilized gimbal systems. The deal marks a strategic entry for THEON into the rapidly growing drone and counter-drone market and establishes a key presence in France, one of Europe's largest defense sectors.

The transaction, financed through a mix of debt and internal cash, is subject to customary closing conditions and regulatory approvals. MERIO, a profitable and fast-growing company, is expected to generate revenues exceeding €15 million in 2026 with an EBIT of over €3.5 million. The acquisition is poised to accelerate THEON's ambitious path toward its €1 billion revenue target by 2029.

A Strategic Foothold in Europe's Defense Core

This acquisition is far more than a simple expansion of product lines; it represents a calculated geopolitical and industrial maneuver. By acquiring a majority stake in a French-based technology firm, THEON is planting a flag firmly in the heart of the European defense market. France's defense industry is characterized by its scale, technological sophistication, and a strong government focus on strategic autonomy.

MERIO's profile aligns perfectly with the broader European push for a more resilient and independent defense industrial base. The company's technologies are ITAR-free, meaning they are not subject to restrictive U.S. International Traffic in Arms Regulations, a crucial advantage for European and international customers seeking supply chain security. Furthermore, its reliance on a predominantly French and European supply chain reinforces this strategic value proposition, resonating with the objectives of initiatives like the European Defence Fund.

Christian Hadjiminas, Founder and CEO of THEON, emphasized the strategic importance of this move. “This transaction would accelerate the diversification of our revenues as we progress toward our €1 billion revenue target by 2029,” he commented. “At the same time, it marks our interest and commitment to France, one of the largest defense markets in Europe, with our aim being to establish THEON as a key French export player.”

The deal structure ensures continuity, with MERIO's existing management team and its founder remaining in place. THEON's role will be to amplify MERIO's global reach, a model it has successfully applied to its other investments. “MERIO will be run by exactly the same management team and the same founder and co-owner as all our other investments,” Hadjiminas added. “Theon’s contribution will be focusing on increasing MERIO’s exports.”

AI-Powered Eyes for Modern Warfare

At the core of this acquisition lies MERIO's cutting-edge technology. Founded in 2014, the company has carved out a niche as a designer and manufacturer of compact, high-performance gyrostabilized gimbal and turret systems. These systems are the “eyes” for a new generation of warfare platforms, including unmanned aerial vehicles (UAVs), loitering munitions, counter-UAS (C-UAS) systems, and unmanned ground vehicles (UGVs).

What sets MERIO apart is its integration of embedded, AI-driven video processing. Its gimbals, such as the Milvus 7 micro-gimbal for UAVs, are not just passive sensors; they are intelligent systems capable of real-time target detection, tracking, and classification. This onboard intelligence drastically reduces the cognitive load on operators and enables faster, more accurate decision-making on the battlefield.

This capability directly addresses the evolving nature of modern conflict, where the proliferation of inexpensive drones has created new threats and demanded sophisticated surveillance and counter-measure solutions. THEON, a global leader in night vision and thermal imaging systems, gains an immediate and significant capability in the platform-based electro-optics segment.

“The integration of MERIO into the THEON Group of companies will significantly enhance our ability to address requirements in electro-optics for light aerial platforms,” stated Dimitrios Mandridis, CTO of THEON. “MERIO’s stabilized gimbals effectively expand THEON’s portfolio, which traditionally focuses on larger or land-based electro-optical systems.” This move from soldier-borne or vehicle-mounted systems to integrated aerial platforms represents a major leap in THEON's market positioning.

The Financial Blueprint for a Billion-Euro Ambition

From a financial perspective, the acquisition is structured to be immediately beneficial. THEON is acquiring the 80% stake at an “accretive EBIT multiple,” a term indicating that the deal is expected to increase THEON's earnings per share from day one. This suggests a strategically sound valuation that leverages MERIO's high profitability. With projected revenues over €15 million and an EBIT margin of approximately 23% for 2026, MERIO fits the profile of a high-growth, high-margin technology company that complements THEON's own strong financial performance.

The move is a critical building block in THEON's long-term growth strategy. The company, which listed on the Euronext Amsterdam exchange in February 2024, has been on a steep growth trajectory and is actively using strategic acquisitions to diversify and scale. The addition of MERIO's projected revenue provides a direct boost, but the true value lies in the synergistic potential that will fuel organic growth in the coming years.

The financing, a combination of debt and available cash, is supported by THEON's robust balance sheet. The company has demonstrated strong cash flow and a healthy financial position, allowing it to pursue such strategic opportunities without overextending itself. This financial prudence, combined with the clear strategic fit, makes the acquisition a compelling case for investors tracking the high-growth defense technology sector.

Forging Synergies for Future Dominance

The ultimate success of the acquisition will be measured by the realization of powerful synergies across revenue, cost, and research and development. The press release outlines a clear roadmap for how the two companies will create value that exceeds the sum of their parts.

On the revenue front, the most significant synergy comes from leveraging THEON's vast global network. With systems in service in 72 countries, including 26 NATO members, THEON can introduce MERIO's advanced gimbals to a massive, pre-existing customer base hungry for advanced drone and C-UAS solutions. Rémi Plenet, President and CTO of MERIO, expressed his optimism, stating, “We anticipate strong expansion of our exports, supported by their superior business-development capabilities and global industrial footprint.”

Cost synergies are expected through strengthened purchasing power for common supplies and the internal sourcing of components. As THEON's CTO Dimitrios Mandridis noted, the group can support MERIO with “components that offer cost efficiencies and secure supply chains.” This vertical integration strengthens resilience and improves margins.

Perhaps the most exciting potential lies in R&D. The collaboration between MERIO's engineers and THEON's teams, along with those from other subsidiaries like Kappa Optronics, is set to create a powerhouse of electro-optic innovation. “By bringing our two R&D departments closer together, we expect to accelerate the development of new products,” Plenet said. This could lead to next-generation integrated sensor suites that combine thermal, night vision, and AI-powered visual tracking into a single, compact payload, setting new standards for intelligence, surveillance, and reconnaissance capabilities on unmanned platforms.

The successful integration will be key, but by retaining MERIO's leadership and entrepreneurial culture while providing global scale and resources, THEON is betting it has found the right formula to dominate the future of electro-optic systems for the modern battlefield.