OVH acquisition of Gladia includes warrants

The key point is that OVH structured this as a partly variable deal, not a simple €28.3M stock buyout. Gladia’s sellers received 1,807,186 newly issued OVH shares at closing, but some of those shares came with warrants linked to Gladia hitting performance targets in 2026 and 2027. In practice, that means the final economics can step up later if Gladia grows or delivers as planned inside OVH’s voice AI strategy.1 2 3

• The closed acquisition record shows only the upfront equity value, about €28.3M, and no higher enterprise value. That is consistent with an earnout style structure where the headline closing value understates the maximum possible consideration until the performance periods finish.1 2
• OVH’s own closing announcement says the warrants were designed to reflect deferred consideration tied to Gladia’s 2026 and 2027 results. So the warrants are not a side feature, they are the mechanism that pushes part of the purchase price into future years and makes it contingent.2
• This fits OVH’s broader M&A pattern of buying technical building blocks to strengthen cloud and AI products. By October 2026, OVH was already grouping Gladia with Seald and Dragon LLM as targeted bolt on acquisitions feeding its AI product push, which makes performance based consideration a way to pay more only if the acquired product meaningfully contributes.3 4

The next step is the 2026 and 2027 measurement window. As OVH folds Gladia into brands like Gladia, OVHcloud, and OVHai, the real question becomes how much voice AI usage and revenue the business can generate inside the larger platform, because that will determine whether the effective purchase price moves materially above the initial €28.3M.2 3