Clifford Chance advises THEON on €150 million capital increase and acquisition of 9.8% stake in Exosens

Clifford Chance advised THEON International on its €150 million rights offering and on the acquisition of a 9.8% stake in Exosens from Groupe HLD; Aristodemou Loizides Yiolitis LLC (Harneys) advised THEON on Cyprus law in connection with both the rights offering and the Exosens acquisition. The transaction comprised a €150 million capital increase by way of a rights offering to THEON's existing shareholders. The proceeds will be used to partly finance THEON's acquisition of a 9.8% stake in Exosens SA from Groupe HLD. Exosens, a French company specialising in advanced electro‑optical technologies including light amplification, detection and imaging systems, was admitted to listing and trading on Euronext Amsterdam on 18 December 2025. The acquisition remains subject to closing and customary regulatory approvals. Upon completion, THEON will become the second largest shareholder in Exosens after Groupe HLD. THEON is a leading European developer and manufacturer of customizable night vision and thermal imaging systems for military and security applications, designing and producing optoelectronic devices for man‑portable and platform‑based systems and operating globally in more than 70 countries. Clifford Chance represented THEON International with a team composed by: George Hacket (partner, Capital Markets, Frankfurt); Andrei Manea (counsel, Capital Markets, Frankfurt); Han Teerink (partner, Corporate, Amsterdam); Gilles Lebreton (partner, Corporate, Paris); Aline Cardin (partner, Corporate, Paris); Katerina Drakoularakou (counsel, Corporate, Paris); Maks Mencin (senior associate, Capital Markets, Frankfurt); Marina Sarkisjan (senior associate, Capital Markets, Amsterdam); Alessia Aiello (associate, Corporate, Milan); Michiel Sunderman (partner, Tax, Amsterdam); Alec Sanderson (associate, Tax, Amsterdam); Avrohom Gelber (partner, Tax, New York); DyTiesha Dunson (associate, Tax, New York); David Tayar (partner, Antitrust, Paris); Hendrik Coppoolse (associate, Antitrust, Paris); Marlen Pezzetta (associate, Antitrust, Paris); Marc Besen (partner, Antitrust, Düsseldorf); Karalyn Mildorf (partner, CFIUS, Washington); Renee Latour (partner, CFIUS, Washington); David Harris (associate, CFIUS, Washington); Erica Hackett (associate, CFIUS, Washington). Aristodemou Loizides Yiolitis LLC (Harneys) advised THEON on Cyprus law in connection with both the rights offering and the Exosens acquisition.

Clifford Chance advises THEON on €150 million capital increase and acquisition of 9.8% stake in Exosens

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