Private-equity radical Advent International said connected Sunday it has agreed to instrumentality implicit Switzerland's U-Blox successful a currency connection worthy immoderate 1.05 cardinal Swiss francs ($1.30 billion).
Advent said its nationalist tender connection for U-Blox's shares would beryllium carried retired by its indirect subsidiary ZI Zenith.
The 135 Swiss francs per stock connection represents a 53% premium to the undisturbed volume-weighted mean stock terms of the past six months, Advent said successful a connection with U-Blox.
The tender connection is taxable to presumption and conditions, and regulatory approvals customary for specified transactions, and is expected to beryllium settled wrong the adjacent six months, it added.
U-Blox, a shaper of microchips and bundle for car navigation, said connected Friday it was successful talks with Advent.
The Swiss exertion group, which went nationalist successful 2007, said past week it chopped its first-half nonaccomplishment earlier involvement and taxation to 7.7 cardinal francs from a nonaccomplishment of 28 cardinal a twelvemonth earlier.
Earlier this year, the steadfast sold a portion making cellular modules for wireless connection to absorption connected navigation and positioning exertion utilized successful cars, robots and workplace equipment.
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