Applied Materials to double its stake in the Dutch company Besi: shares jump more than 10%

Applied Materials doubles its stake in Besi

Shares of the Dutch company BE Semiconductor Industries (Besi), which makes equipment for chip assembly and packaging, rose more than 10% by midday on Tuesday, exceeding 160 euros per share. The reason was an announcement by Applied Materials, one of the world's largest manufacturers of chipmaking equipment: late Monday evening it said it intends to increase its stake in Besi to about 20% from the 9% it has held since April 2025. Euronews reported the news.

Deal terms and Applied's position

Applied entered into an accelerated share repurchase agreement, but delivery of the shares is subject to review under US antitrust law. The California-based group called the stake a long-term investment and said it «does not currently intend to increase its investment in Besi beyond approximately 20%», and will not seek a seat on the Dutch company's board of directors. Prabu Raja, president of Applied's Semiconductor Products division, explained that the stake is being built up because hybrid bonding and the latest chip-joining methods are becoming increasingly important for energy-efficient AI computing.

Technology context

The companies' cooperation on hybrid bonding — a technology that connects chips directly, without solder balls, allowing them to be stacked more densely — began in 2020. It is considered key to the next generation of AI processors and memory. On October 1, the companies expanded their partnership to other packaging technologies: Besi received the status of «innovation partner» at Applied's new research center in Silicon Valley, known as the EPIC Center. Besi CEO Richard Blickman called joining the center «a natural next step».

Why not a takeover

The pledge to stop at 20% keeps Applied at a safe distance from the 30% voting threshold: under Dutch takeover rules, an investor who crosses it is obliged to make an offer to buy the entire company. A full takeover would also have to be cleared by the Chinese antitrust regulator: about 30% of Applied's revenue in 2025 came from China, and Besi operates a plant in the city of Leshan in Sichuan province. In 2021, Applied already abandoned its purchase of Japan's Kokusai Electric because Chinese approval was not obtained in time.

Share price context

Applied's move followed a sharp fall in Besi's share price: from a June peak of 317 euros, the shares have lost roughly half their value amid a large-scale sell-off in semiconductor sector stocks. Thus, Applied's purchase comes at a time when the company's value is noticeably below recent peaks, and the sell-off itself affected the sector as a whole — against this backdrop, according to Euronews, investors shifted into bonds, and oil prices rose above 113 dollars.