Private-equity group Advent International said on Sunday it has agreed to take over Switzerland’s U-Blox in a cash offer worth some 1.05 billion Swiss francs ($1.30 billion).
Advent said its public tender offer for U-Blox’s shares would be carried out by its indirect subsidiary ZI Zenith.
The 135 Swiss francs per share offer represents a 53% premium to the undisturbed volume-weighted average share price of the last six months, Advent said in a statement with U-Blox.
The tender offer is subject to terms and conditions, and regulatory approvals customary for such transactions, and is expected to be settled within the next six months, it added.
U-Blox, a maker of microchips and software for car navigation, said on Friday it was in talks with Advent.
