Private equity group Advent International has agreed to acquire Switzerland’s U-Blox Holding for 1.05 billion Swiss francs in a cash offer. The offer of 135 Swiss francs per share represents a 53% premium. U-Blox, known for microchips and software for car navigation, expects the deal to be completed within six months.

Advent’s public tender offer for U-Blox’s shares will be conducted by its subsidiary ZI Zenith. The transaction is subject to customary terms, conditions, and regulatory approvals. U-Blox, which recently reported a reduced first-half loss, sold a cellular module unit earlier this year to focus on navigation and positioning technology.

U-Blox, a Swiss technology company that went public in 2007, confirmed talks with Advent before the acquisition agreement. The company’s decision to sell a unit making cellular modules earlier this year underscores its strategic shift towards navigation and positioning technology for automobiles, robots, and agricultural equipment.

Read more at Yahoo Finance: Private equity group Advent to acquire U-Blox for $1.3 billion