TLDR
- BESI reached a record peak of €199.85 following Reuters’ report about acquisition interest from major U.S. semiconductor equipment manufacturers
- Lam Research (LRCX) has been identified as one of the companies pursuing the deal; Applied Materials (AMAT) currently owns a 9% stake and is also evaluating a bid
- Morgan Stanley has been engaged by BESI to assess the acquisition proposals
- Negotiations kicked off in mid-2025 but were temporarily halted early this year amid U.S.-EU diplomatic friction regarding Greenland; talks have now restarted
- A potential transaction would necessitate a national security examination under Netherlands regulations
Shares of BE Semiconductor Industries soared up to 14% to reach an unprecedented high on Friday following a Reuters report revealing that the Netherlands-based chip-packaging equipment specialist is attracting acquisition interest from two American semiconductor giants: Lam Research and Applied Materials.
The Amsterdam-listed shares closed approximately 10% higher at €194.25, valuing the company at about €14 billion ($16.2 billion).
During Friday’s trading session, the stock touched €199.85 at its highest point — representing more than a 150% recovery from the April 2025 low of €79.62, a trough reached when tariff concerns from the United States were pressuring semiconductor stocks.
According to two people with knowledge of the situation, BESI has retained Morgan Stanley to review the incoming proposals. The investment banking firm has not provided any statement on the matter.
One source indicated that Lam Research (LRCX) has been actively engaged in discussions with the Dutch company. Shares of LRCX dropped approximately 4.3% following the report.
Applied Materials (AMAT) has also emerged as a prospective acquirer. The semiconductor equipment manufacturer purchased a 9% ownership position in BESI during April 2024, establishing itself as the company’s largest shareholder. AMAT stock declined roughly 3.9% on Friday.
That initial stake acquisition had already signaled strategic intentions to market observers. When the investment was disclosed publicly in October 2025, BESI shares surged 12% in one trading day as market participants began anticipating a complete takeover scenario.
The Technology at the Center of It All
The pursuit by both semiconductor equipment leaders centers on a specific capability: BESI’s hybrid bonding technology.
This advanced technique creates direct chip-to-chip connections through copper-to-copper interfaces, delivering enhanced data transmission speeds and reduced energy consumption. The technology has become increasingly critical as semiconductor manufacturers strive to satisfy growing requirements from artificial intelligence and high-performance computing sectors.
Advanced packaging solutions are now recognized as a critical constraint across the semiconductor ecosystem. BESI and Applied Materials have maintained a collaborative relationship on hybrid bonding development for numerous years, positioning AMAT as a logical acquirer.
According to Michael Roeg, an analyst at Degroof Petercam, who commented in April 2025, BESI investors “will assume that Applied Materials will eventually want to buy the entire company.”
Deal Faces Regulatory Hurdle
The route to completing a transaction presents challenges. Discussions among the interested parties commenced in mid-2025 but were suspended earlier in 2025 following heightened diplomatic tensions between the United States and European Union stemming from President Donald Trump’s efforts regarding Greenland.
Netherlands legislation mandates that any takeover of an enterprise possessing strategic technology undergo a national security assessment — a requirement that could introduce complications or delays to a prospective deal.
Despite the temporary suspension, sources indicate that Lam Research maintains its interest and has conducted recent discussions with BESI.
BESI provided a terse statement in response to the report. The company refused to address “market rumours” and reaffirmed its dedication to pursuing its strategic plan as an independent entity. Lam Research has not yet provided a comment when contacted.
BESI shares were trading 10.44% higher at €194.25 at the time of publication.
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