Fairness Opinion for the Board of Directors of u-blox

On 17 August 2025 the Board of Directors of u-blox Holding AG (u-blox) announced that it has entered into a binding transaction agreement with ZI Zenith S.à r.l. (ZI Zenith), a European indirect subsidiary of funds managed and/or advised by Advent International, L.P. (Advent), a leading global private equity investor. Under this agreement, ZI Zenith will launch a public tender offer to acquire all publicly held registered shares of u-blox at a price of CHF 135.00 per share in cash. The offer corresponds to an equity value of u-blox of around CHF 1’050 million. This represents  a 32% premium to the undisturbed volume-weighted average share price of the last 60 trading days of u-blox shares as per 14 August 2025, before the media first reported on a potential transaction.

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u-blox is a recognized leader in high-performance positioning and short-range communication technology solutions. Advent is excited about the opportunity to partner with the u-blox management team and co-founders, and to support this innovative technology champion through its next chapter of growth. u-blox believes this transaction represents a highly attractive opportunity for its 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. Both parties share the vision for u-blox’s future, and are excited about the intended support and acceleration of its growth and innovation pipeline.

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u-blox’s Board of Directors has unanimously concluded that the transaction is in the best interests of the company, its shareholders and other stakeholders. It therefore recommends that shareholders accept the offer and has committed, along with the Management team, to tender all their shares. In addition, u-blox’s largest individual shareholder, SEO Master Fund LP, holding approximately 9% of the outstanding shares, has committed to tender all of its shares. The tender offer is subject to terms and conditions as well as regulatory approvals customary for this type of transaction and is expected to be settled within the next 6 months. The intention is to then delist u-blox shares from the SIX Swiss Exchange.

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Support by IFBC

IFBC prepared an independent Fairness Opinion for the Board of Directors of u-blox to assess the financial fairness of the public takeover offer. Based on our analyses, valuation considerations and the results presented, IFBC considers the offer price of CHF 135.00 per u-blox share to be fair from a financial point of view. IFBC specializes in the preparation of Fairness Opinions, is a particularly qualified evaluator (accreditation by the Swiss Takeover Board pursuant to Art. 30 para. 6 TOO) and is the Swiss market leader in this field.

About u-blox

u-blox (SIX:UBXN) is a global leader in automotive, industrial, and consumer markets, driving innovation through our cutting-edge positioning and short-range communication technologies. We are the pioneers behind high-precision technologies, providing smart and reliable solutions that enable people, vehicles, and machines to determine their precise position and communicate wirelessly. With headquarters in Thalwil (Zurich), Switzerland, and offices across Europe, Asia, and the USA, we are making a global impact. Further information can be found at u-blox.com.

About Advent

Advent is a leading global private equity investor committed to working in partnership with management teams, entrepreneurs, and founders to help transform businesses. With 16 offices across five continents, we oversee more than USD $94 billion in assets under management* and have made over 430 investments across 44 countries. Further information can be found at adventinternational.com.

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