In the wake of private equity firm Advent International’s recent public tender offer to acquire Thalwil, Switzerland-based u-blox for around $1.3 billion, the company this week announced leadership changes. The company’s board of directors and CEO Stephan Zizala “mutually agreed” that he will step down at the end of 2025 to pursue a new opportunity.
CFO Camila Japur and Andreas Thiel, head of business units and company co-founder, will jointly assume the roles of co-CEOs. As part of the acquisition process by Advent International, the firm intends to appoint Zizala as member of the future company’s board of directors.
Advent International’s indirect subsidiary Zenith announced, at the end of an additional accepance period on Oct. 29, more than 6 million u-blox shares had been tendered, giving the company 7.2 million total shares. Completion of transaction is expected in the fourth quarter of 2025, subject to the fulfillment of the offer conditions and receipt of required regulatory approvals, the company said. Advent intends to delist u-blox shares from the SIX Swiss Exchange.
At a general meeting held on Oct. 28, shareholders approved all proposed resolutions, including the delisting of u-blox shares from the SIX Swiss Exchange and the election of the new members of the board of directors.
