U-blox Holding AG cancelled the acquisition of 2G, 3G, 4G wireless communication module and GNSS module business related technology and assets from Shanghai Simcom Wireless Solutions Limited, Shanghai Simcom Electronic Limited and SIM Technology Group Limited.
May 21, 2017
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u-blox Holding AG (SWX:UBXN) entered into asset purchase agreement to acquire 2G, 3G, 4G wireless communication module and GNSS module business related technology and assets from Shanghai Simcom Wireless Solutions Limited, Shanghai Simcom Electronic Limited and SIM Technology Group (BVI) Limited for $52.5 million on January 20, 2017. $7.5 million will be paid within 7 business days after the first anniversary of the completion date. The consideration will be paid in cash. u-blox Holding will acquire Simcom's cellular modem products, R&D team and customer base. The assets will be integrated into u-blox's cellular product center and all Simcom's existing products will remain available under the Simcom's brand name. The business reported $95 million in revenue in 2016. As of February 28, 2017, notice of special general meeting has been filled. As on March 23, 2017, the shareholders of SIM Technology Group Limited approved the transaction.
The transaction is subject to closing conditions and regulatory approvals. The transaction is also subject to approval from shareholders of SIM Technology Group Limited. transaction documents have been duly executed, all third party consents, all necessary authorizations from the governmental entities have been obtained, the transfer of the patent application rights has been submitted to the State Intellectual Property of Office of the PRC, the licenses of certain trademarks have been filed with the Trademark Office of the State Administration For Industry & Commerce of the PRC for registration, Shanghai SIM Technology Limited has executed the leasing agreements with u-blox, about at least 160 employees have agreed in writing to have their employment contracts assigned to u-blox and the supply agreement and the general quality agreement has been signed. The transaction is expected to be close within three months. KPMG Switzerland acted as financial due diligence provider for u-blox. KPMG China acted advisor for KPMG Switzerland.
u-blox Holding AG (SWX:UBXN) cancelled the acquisition of 2G, 3G, 4G wireless communication module and GNSS module business related technology and assets from Shanghai Simcom Wireless Solutions Limited, Shanghai Simcom Electronic Limited and SIM Technology Group (BVI) Limited on May 22, 2017.
U Blox Holding AG is a Switzerland-based semiconductor provider. The Company is engaged in the development, manufacture and marketing of the products and services of global positioning system (GPS) products. It offers a range of GPS positioning products, including GPS receiver chipsets, GPS receiver modules, GPS receiver boards, GPS smart antennas and GPS antennas, which are in used for navigation, automatic vehicle location, security, traffic control, location based services, timing and surveying. The Company operates in two segments: GPS/wireless products, which is engaged in the development and sale of embedded GPS receivers and wireless modules; and wireless services, which is engaged in the provision of wireless communication technology services in terms of reference designs, software, in-car and Vehicle-to-Vehicle (V2V) communication systems, among others. In August 2013, the Company opened an LTE Radio Frequency (RF) design center in Cork, Ireland.
U-blox Holding AG cancelled the acquisition of 2G, 3G, 4G wireless communication module and GNSS module business related technology and assets from Shanghai Simcom Wireless Solutions Limited, Shanghai Simcom Electronic Limited and SIM Technology Group Limited.
U-BLOX HOLDING AG 
