Dutch chip firm Besi's shares jump as Applied Materials moves to double stake
Shares in Dutch chip equipment maker Besi jumped on Tuesday after US rival Applied Materials announced plans to lift its holding to roughly 20% from 9%, tightening ties built around technology used to make AI hardware.
Dutch semiconductor equipment maker Besi's stock surged more than 10% on Tuesday, reaching over €160 per share. This rise occurred after Applied Materials, a global leader in chipmaking equipment, announced plans to raise its stake in Besi to approximately 20%, up from the 9% it held since April 2025. Applied Materials signed an accelerated share purchase agreement to acquire the additional shares, pending approval from US antitrust regulators.
The California-based firm stated that the increased investment is a long-term commitment and that it has no plans to expand its ownership beyond around 20% or seek a seat on Besi's board. Applied Materials' president of semiconductor products, Prabu Raja, highlighted the importance of hybrid bonding and next-generation chip connection methods, as these technologies are crucial for energy-efficient AI computing.
Raja further expressed optimism about deepening the strategic collaboration with Besi, adding that advanced packaging has evolved into a materials engineering challenge rather than a mere assembly process.
The partnership between the two companies began in 2020, focusing on hybrid bonding technology, which enables chips to be directly connected without solder bumps, allowing for tighter stacking. Earlier this year, the companies expanded their collaboration to include other packaging technologies, with Besi joining Applied Materials' new research and development hub in Silicon Valley, known as the EPIC Center.
Raja emphasized that advanced packaging is now a materials engineering challenge, rather than a back-end assembly step.
Besi's Chief Executive Officer, Richard Blickman, welcomed the collaboration, calling it a natural progression. However, the move to increase its stake also serves as a strategic safeguard. Applied Materials' agreement to stop at 20% of Besi's shares avoids potential takeover concerns under Dutch regulations, which would require a full acquisition offer if the stake crosses the 30% threshold.
Additionally, the deal would face scrutiny from Chinese authorities, given the companies' significant market presence in the Chinese market. Applied Materials' 2025 revenue from China accounted for roughly 30%, and the company operates a factory in Leshan, Sichuan province.
Applied Materials' recent move follows a similar situation encountered in 2021, when the company abandoned a deal to acquire Japanese chip equipment maker Kokusai Electric due to delayed Chinese approval. The recent surge in Besi's share price comes amid a broader decline in the stock value, which has dropped by about half since reaching a peak of €317 in June, as chip stocks experienced a sell-off.
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