Latest news with #carnavigation
CNA
a day ago
- Automotive
- CNA
U-Blox says in talks about takeover by Advent
Switzerland's U-Blox Holding, a maker of microchips and software for car navigation, said on Friday it was in talks with Advent International about being taken over by the private equity firm. "Whether a transaction will materialise is open at this stage," the company said in a statement. Advent declined to comment. Bloomberg reported the talks earlier, adding a deal might value U-Blox at more than 1 billion Swiss francs ($1.2 billion). U-Blox shares were up 19 per cent at 1422 GMT at a three-year high, giving it a market value of about 1 billion francs. The technology group, which went public in 2007, said last week its first-half loss before interest and tax had reduced to 7.7 million francs from a loss of 28 million a year earlier. It cited cost cuts and a 32 per cent jump in revenues to 123.4 million francs. Earlier this year, the company sold a unit making cellular modules for wireless communication to focus on fast-growing navigation and positioning technology used in cars, robots and farm equipment. Globally, dealmaking is up year-to-date, driven by a quest for growth in corporate boardrooms, falling interest rates in many countries, and the impact of a surge in AI activity. ($1 = 0.8048 Swiss francs)
Yahoo
a day ago
- Automotive
- Yahoo
U-Blox says it is in talks with suitor Advent over a takeover
(Reuters) -Switzerland's U-Blox Holding, a maker of microchips and software for car navigation, said on Friday that it was in talks with Advent International about being taken over by the private equity firm. "Whether a transaction will materialize is open at this stage," the company said in a statement. Bloomberg earlier reported on the talks over an acquisition deal that could value U-Blox at more than 1 billion Swiss francs ($1.24 billion). The shares were up 19% at 1422 GMT at a three-year high, for a total market value of about 1 billion Swiss francs 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. It cited cost cuts and higher revenues that jumped 32% to 123.4 million francs. Earlier this year, the company sold a unit making cellular modules for wireless communication to focus on fast-growing navigation and positioning technology used in cars, robots and farm equipment. Advent did not immediately respond to requests for comment. ($1 = 0.8048 Swiss francs)
