ZI Zenith S.à r.l., an indirect subsidiary of Advent International, L.P., has announced a public tender offer to acquire all publicly held shares of u-blox Holding AG (SIX: UBXN) for CHF 135.00 per share in cash, valuing u-blox’s equity at approximately CHF 1,050 million on a fully diluted basis. The offer provides a 53% premium over the undisturbed volume-weighted average share price of the last six months and a 32% premium over the last 60 trading days until August 14, 2025.
u-blox, a provider of positioning and short-range communication technologies, entered into a binding transaction agreement with ZI Zenith. The u-blox Board of Directors unanimously recommends shareholders accept the offer, supported by an independent fairness opinion from IFBC confirming the financial fairness of the offer price. The board and management team have committed to tendering all their shares. SEO Master Fund LP, holding approximately 9% of u-blox shares, has also agreed to tender its entire stake.
Ronald Ayles, Managing Partner at Advent, stated, “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.” André Müller, Chairman, and Stephan Zizala, CEO of u-blox, jointly noted, “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.”
The tender offer is subject to regulatory approvals and customary conditions, with settlement expected within six months. Following the transaction, u-blox shares are intended to be delisted from the SIX Swiss Exchange. The pre-announcement, is available at www.takeover.ch and www.zenith-offer.com, detailing the offer’s terms and conditions. The full Offer Prospectus is expected to be published on or around August 27, 2025, and will be available at www.zenith-offer.com.
Morgan Stanley & Co. International plc served as exclusive financial advisor and Walder Wyss as legal counsel to u-blox. UBS acted as financial advisor and public offer manager to Advent, with Bär & Karrer as its legal advisor. This announcement is for informational purposes only and does not constitute an offer to buy or sell u-blox securities. Shareholders are urged to review the Offer Prospectus for complete details.
