Swiss module maker u-blox will be acquired by Advent International for CHF1.05bn, valuing shares 53% above average. The deal will delist u-blox, and support new growth in automotive and industrial positioning technologies.
In sum – what to know:
Advent acquisition – private equity firm Advent, via Swiss unit ZI Zenith, is acquiring u-blox for CHF1.05bn, valuing shares 53% above their six-month average.
Restructure and focus – u-blox exited cellular IoT in 2025 after a 2024 cost-cutting programme, sharpening focus on satellite positioning and short-range comms.
Growth outlook – backed by Advent’s resources, u-blox aims to expand globally, particularly in automotive and industrial sectors, after reporting 32% first-half sales growth this year.
Swiss module maker u-blox has agreed a CHF1.05 billion ($1.3 billion) takeover deal with US-based private equity firm Advent International, via the Boston firm’s local Swiss subsidiary ZI Zenith. The company, a specialist in satellite positioning and short-range comms, underwent a major cost-cutting and restructure in 2024, which eventually resulted in the phasing-out of its cellular IoT module business this year – announced in January; eventually sold to Abu Dhabi-based firm Trasna in March.
The agreement values u-blox 53 percent higher than its average share price over the past six months, at CHF135 per share, and 32 percent higher than over the last couple of months. The firm’s board of directors has recommended that shareholders take the offer. The deal, subject to regulatory approvals, is expected to close within about six months. It will see u-blox delisted from the SIX Swiss Exchange, and taken private.
Following a report in Bloomberg at the end of last week, u-blox confirmed talks with Advent International on “potential cooperation”, and confirmed today (August 18) that a deal had “entered into a binding transaction” with ZI Zenith. Its largest shareholder, the SEO Master Fund LP, based in the Cayman Islands, said it will tender all of its shares as part of this offer. It owns nine percent of the company.
At the start of the month, u-blox reported sales of CHF123.4 million were up by 32 percent in the first half of 2025, versus the same period a year ago CHF93.8m in the first six months of 2024), with “broad-based” growth, notably in the automotive and industrial sectors. It also confirmed a turnaround of sorts in operating profit (EBIT) – upwards by CHF20 million, despite an overall decline of CHF7.7 million. The improvement was down to cost-cutting in 2024 and “operational leverage from higher revenues”, it said.
The sale of its cellular IoT unit to Trasna, completed in June, was presented as a “sharpening [of] its focus on Locate (positioning-based technologies).” It said the deal will see “cash inflows” of CHF12 million in the second half of 2025. The firm called it the “beginning of the new u-blox”. As it turns out, Advent said it will use its resources and industry expertise, especially in automotive and industrial markets, to help u-blox grow globally.
Ronald Ayles, managing partner at Advent, said: “We are excited… to partner with the u-blox management team and co-founders, and support this innovative technology champion through its next chapter of growth. 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.”
A joint statement from André Müller and Stephan Zizala, respectively chairman chief executive at u-blox, said: “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.”
A pre-announcement of the offer is available at www.takeover.ch and www.zenith-offer.com, and includes the terms of the public tender offer.
