Scotiabank is pleased to have advised Kraken Robotics Inc. (Kraken) on its agreement to acquire Covelya Group Limited (Covelya Group), while also providing financing support for the $615 million transaction. This acquisition will expand Kraken’s global maritime capabilities and position the company as a major supplier of dual-use subsea technology.
Kraken is a leading Canadian marine technology company specializing in advanced subsea imaging, sensors, power solutions and robotic systems used in maritime defence and critical underwater inspection.
Covelya Group is a UK-based provider of high-performance subsea technologies serving maritime defence and commercial customers globally, offering a suite of mission-critical solutions including navigation, positioning, communication, monitoring, imaging, sensing and software.
Scotiabank acted as exclusive financial advisor to Kraken and provided a fairness opinion to the Board of Directors in connection with the transaction. The Bank also provided financing support, including a $150 million committed credit facility as Sole Bookrunner and acted as Lead Left Bookrunner on the company’s $402.5 million subscription receipt offering. The mandate was driven through Scotiabank’s long-standing, robust relationship with Kraken.
Building on this foundation, teams across Consumer, Industrial and Retail Investment Banking, Mergers and Acquisitions, Equity Capital Markets and National Accounts worked together to deliver a coordinated solution to support the transaction.
for
C$615,000,000
Financial Advisor
Pending
C$402,505,175
Treasury Offering of Subscription Receipts
Lead Left Bookrunner
March 2026
C$150,000,000
Credit Commitment
Sole Bookrunner
March 2026
