Vision Marine Technologies has signed a letter of intent to a reverse takeover by an undisclosed privately held defence-technology company.
Vision Marine develops the E-Motion high-voltage electric propulsion system and also operates Nautical Ventures recreational boating retail and service platform.
The company says it has entered into a non-binding letter of intent with the defence-technology organisation regarding a proposed business combination.
The transaction will expand Vision Marine’s capabilities with the addition of the unmanned aerial vehicles and defense technologies of the counterparty which is developing and integrating a range of unmanned and autonomous systems, with a focus on aerial, for defense, government and critical-infrastructure applications.
Both organisations believe the proposed combination could position the combined company to pursue further defence opportunities.
Reshaping the marine industry
“We entered electric propulsion because we believed electrification would reshape the marine industry,” said Alexandre Mongeon, chief executive officer of Vision Marine.
“Today, we see another transformation underway as artificial intelligence, autonomy, sensing and secure communications change how vehicles operate across multiple environments.”
The proposed transaction is expected to be structured as a reverse takeover of Vision Marine and would result in a change of control of the company.
Exact terms of the transaction have not been released but it is anticipated it will take the form a share exchange, together with concurrent financing.
Vision Marine’s shareholders would hold approximately 2.9% of the combined company, with additional consideration tied to future performance milestones.
Completion remains subject to customary closing conditions, including mutual due diligence and negotiation of definitive agreements and shareholder approval.
The final role and structure of Vision Marine’s existing marine operations has not been disclosed and until the transaction is completed, both companies will continue to operate separately.
The transaction could be completed by the end of 2026.
