US EditionPrivate Equity Group Advent Buys U-Blox for $1.3 Billion
Advent International's cash offer values U-Blox at a 53% premium as it aims to strengthen its focus on navigation and positioning technologies, improving financial performance.
- On Sunday, Private-equity group Advent International announced its plan to buy Switzerland’s U-Blox in a cash offer of 1.05 billion Swiss francs via its indirect subsidiary ZI Zenith.
- Earlier this year, U-Blox sold its cellular modules unit, recently shedding its loss-making cellular business to focus on navigation and positioning technology.
- Advent offered 135 Swiss francs per share, representing a 53% premium and causing U-Blox shares to jump almost 25% on Friday.
- U-Blox’s board unanimously supports the transaction, and SEO Master Fund LP, holding about 9% of shares, has committed to tender its stake.
- Once conditions are met, U-Blox shares will be delisted from the SIX Swiss Exchange, with acceptance until October 29 and regulatory approval expected within six months.
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U-Blox was once a star in the Swiss tech sector. But the company could not offer the story that investors are looking for in times of artificial intelligence. It is unclear how the likely new owner Advent wants to bring the company back to life.
·Zürich, Switzerland
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The Zurich-based firm, in the process of recovery, is the subject of a public offer to purchase the private equity company Advent International. The transaction, which values U-Blox at CHF 1.05 billion, is supported by its board of directors U-Blox could be taken over by the United States. Advent International, via its subsidiary ZI Zenith, wants to buy the entire company Zurich at a price of 135 francs per share in cash, the two groups indicate…
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Leaning Left3Leaning Right1Center2Last UpdatedBias Distribution50% Left
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L 50%
C 33%
R 17%
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