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Private equity titan Advent International has clinched a decisive victory in its $1.3 billion acquisition battle for Swiss semiconductor maker U-blox Holding AG, after securing control of 67.55% of the company’s shares, the firm announced Wednesday.

The result signals a clear success for Advent’s 1.03 billion Swiss franc ($1.3 billion) tender offer — a bold move in Europe’s red-hot chip sector. The firm offered 135 francs per share in August, betting big on the explosive demand for wireless and automotive semiconductor technology.

With 64.64% of shareholders having already tendered their stakes — combined with prior commitments — Advent crossed the crucial 66.67% threshold required for its public takeover under Swiss law.

Countdown Begins for Holdout Shareholders

The private equity firm is now giving remaining investors until October 29 to tender their shares, a final window before Advent moves to consolidate full control.

If the firm reaches 90% ownership, it will have the legal right to initiate a “squeeze-out” — forcing the sale of any remaining shares, possibly under less favorable terms. Should it amass over 98%, Advent plans to delist U-blox from the SIX Swiss Exchange, a move that would take the semiconductor company fully private.

The transaction, Advent said, is expected to close by the end of 2025, marking another major stride in its expansion into high-growth tech and semiconductor markets.

A Strategic Play in the Global Chip Race

U-blox, founded in 1997 and listed on the SIX since 2007, designs wireless semiconductors and modules used in everything from autonomous vehicles and drones to satellite systems. Advent’s bet on the company underscores a broader race among investors and manufacturers to secure footholds in the post-pandemic chip economy, where demand continues to soar across industries.

“Advent’s investment aims to accelerate U-blox’s innovation capacity and market reach,” the firm said, highlighting the chipmaker’s potential in the rapidly expanding autonomous driving and IoT sectors.

Legal and Financial Heavyweights Back the Deal

Advent is represented by Weil Gotshal & Manges LLP and Bär & Karrer, with UBS AG acting as financial adviser. On the other side, U-blox is being guided by Freshfields Bruckhaus Deringer LLP and Walder Wyss, with Morgan Stanley International PLC providing financial advice.