Private equity group Advent to acquire U-Blox for $1.3 billion

(Reuters) -Private equity group Advent International said on Sunday it has agreed to take over Switzerland's U-Blox Holding 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.

The Swiss technology group, which went public in 2007, said last week it cut its first-half loss before interest and tax to 7.7 million francs from a loss of 28 million a year earlier.

Earlier this year, the firm sold a unit making cellular modules for wireless communication to focus on navigation and positioning technology used in cars, robots and farm equipment.

($1 = 0.8063 Swiss francs)

(Reporting by Dave Graham, Yazhini MV and Gnaneshwar Rajan; Editing by Chris Reese)

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