U-blox has entered into a binding transaction agreement with ZI Zenith, a subsidiary of Advent International, for $ 1.3 billion. Under the agreement, ZI Zenith will launch a public tender offer to acquire all publicly held registered shares of u-blox at a price of CHF 135.00 per share in cash.
<p>Founded by Zizala and Müller in 1997 as a spin-off from the Swiss Federal Institute of Technology in Zurich, u-blox is best known for its affordable and accessible modules that combine microcontrollers, wireless connectivity, and multi-constellation GNSS receivers. Its communications products have also ensured it a slice of the Internet of Things (IoT) market — the company recorded a net profit of SFr101.8 million (around $ 126 million) in 2021.</p> <p>“u-blox is a recognized leader in high-performance positioning and short-range communication technology solutions. We are excited about the opportunity to partner with the u-blox management team and co-founders, and support this innovative technology champion through its next chapter of growth,” said Ronald Ayles, managing partner at Advent. “We are deeply committed to invest in the long-term success of u-blox, using our extensive experience and resources in automotive and industrial end-markets to accelerate innovation and expand its global reach. Advent has a long and successful track record of partnering with founders and management teams to deliver sustainable value creation.”</p> <p>André Müller, Chairman of u-blox, and Stephan Zizala, CEO of u-blox, jointly stated: “We believe this transaction represents a highly attractive opportunity for our shareholders, customers and employees because it enables u-blox to pursue its long-term strategic objectives with greater flexibility, backed by a strong and experienced financial partner. Advent shares our vision for the company’s future, and we are excited about its intention to support and accelerate our growth and innovation pipeline.”</p> <p>The offer represents a 53% premium to the undisturbed volume-weighted average share price of the last 6 months until August 14, 2025, and a 32% premium to the undisturbed volume-weighted average share price of the last 60 trading days of u-blox shares until August 14, 2025, before the media first reported on a potential transaction.</p> <p>U-blox’s board of directors has unanimously concluded that the transaction is in the best interests of the company, its shareholders and other stakeholders. It therefore recommends that shareholders accept the offer and has committed, along with the management team, to tender all their shares. </p> <p>The board’s recommendation is supported by an independent fairness opinion stating that the offer price is fair from a financial point of view. In addition, u-blox’s largest individual shareholder, SEO Master Fund LP, holding approximately 9% of the outstanding shares, has committed to tender all of its shares.</p> <p>The tender offer is subject to terms and conditions as well as regulatory approvals customary for this type of transaction and is expected to be settled within the next six months. The intention is to then delist u-blox shares from the SIX Swiss Exchange. </p> <p>The pre-announcement of the offer, which has been published today, is available at <a target="_blank" href="https://eqs-cockpit.com/cgi-bin/fncls.ssp?fn=redirect&url=f908b341f48887ebe9511a31bf8187b4&application_id=2184830&site_id=airport_aws~~~7cc68db1-74de-43c8-af69-2ae0a97efdc3&application_name=news" target="_blank" rel="noopener">www.takeover.ch</a> and <a target="_blank" href="https://eqs-cockpit.com/cgi-bin/fncls.ssp?fn=redirect&url=7e48726432fe3c93d46a95cec2b35b41&application_id=2184830&site_id=airport_aws~~~7cc68db1-74de-43c8-af69-2ae0a97efdc3&application_name=news" target="_blank" rel="noopener">www.zenith-offer.com</a> and includes the material terms and conditions of the public tender offer.</p> <p><p>The post <a target="_blank" rel="nofollow" href="https://www.gpsworld.com/u-blox-to-be-bought-by-advent-international/">u-blox to be bought by Advent International</a> first appeared on <a target="_blank" rel="nofollow" href="https://www.gpsworld.com">GPS World</a>.</p></p>