Thales S.A. (ENXTPA:HO) is looking for M&A. During the conference call of proposed acquisition of Imperva, Pascal Bouchiat, Chief Financial Officer said that ?Looking at balance sheet and capital allocation. On a pro forma basis, taking into account the various ongoing acquisitions and disposals and starting from a consensus net cash positions of EUR 2.2 billion at the end of 2024. The net debt over EBITDA leverage will be around 0.7x, implying that we'll keep our solid investment rate profile.

This allows us to confirm our overall capital deployment framework in terms of both dividend payouts and the ongoing share buyback program. Finally, for the coming years, we plan to stick to a bolt-on M&A strategy with the same discipline as before?.