Sources: Surge in Advanced Chip Packaging Demand Sparks M&A Interest in BESI

According to three insiders familiar with the matter, BESI, a semiconductor industrial company, has received acquisition interest due to increasing demand from semiconductor equipment manufacturers for its chip packaging technology.

This Amsterdam-listed chip equipment manufacturer has a market value of €14 billion ($16.2 billion). It has been working with investment bank Morgan Stanley to evaluate acquisition intentions. Two sources said that because the discussions are confidential, they requested anonymity.

One source mentioned that American chip equipment maker Lam Research is one of the potential buyers that has discussed acquiring the company. Another source and a fourth person stated that other interested buyers include equipment manufacturer Applied Materials, which acquired a 9% stake in BESI last April, making it the largest shareholder. All four sources declined to be named as the talks are private.

One person said negotiations began in mid-2025 but stalled earlier this year due to rising tensions between the U.S. and the EU over President Trump’s attempt to control Greenland. The acquisition of a Dutch company with strategic technology would be subject to national security review. However, bidders including Lam Research remain interested and have recently held discussions.

BESI declined to comment on “market rumors” and added that the company will continue to focus on executing its strategy as an independent entity. Morgan Stanley and Applied Materials declined to comment, while Lam Research did not immediately respond to requests for comment.

Following the news, BESI’s stock surged by 14% in early Friday trading, reaching a record high, and was up 10% at the latest update.

This interest highlights the strategic value of BESI’s advanced packaging, which is expected to help develop next-generation chips for artificial intelligence (AI) and high-performance computing.

Advanced packaging is currently a key bottleneck in the industry. BESI and Applied Materials have long been partners in hybrid bonding technology, which connects chips directly via copper-to-copper connections, enabling faster data transfer and lower power consumption in advanced semiconductors.

In April, analyst Michael Roeg of Degroof Petercam said BESI’s shareholders “would believe that Applied Materials will ultimately want to acquire the entire company.”