Qualcomm Incorporated (NASDAQ: QCOM) and SSW Partners, a New York-based investment partnershipm have reached a definitive agreement to acquire Stockholm, Sweden-based Veoneer, Inc. (NYSE: VNE; SSE: VNE SDB) for $37.00 per share in an all-cash transaction, representing a total equity value for Veoneer of $4.5 billion.
Veoneer has terminated its prior acquisition agreement with Magna International Inc.
At closing, SSW Partners will acquire all of the outstanding capital stock of Veoneer, shortly after which it will sell the Arriver business to Qualcomm and retain Veoneer’s Tier-1 supplier businesses. SSW Partners will lead the process of finding strong, long-term strategic partners.
Upon close of the transactions, Qualcomm will incorporate Arriver’s Computer Vision, Drive Policy and Driver Assistance assets into its Snapdragon Ride™ Advanced Driver Assistance Systems (ADAS) solution. This will augment Qualcomm’s ability to deliver an open and competitive ADAS platform for automakers and Tier-1s at scale.
SSW Partners will work with Veoneer’s management to ensure the pursuit of Veoneer’s existing business plan and to identify long-term strategic partners for the Restraint Control Systems (RCS) and Active Safety businesses.
Led by Jan Carlson, Chairman, President and CEO, Veoneer is a worldwide leader in automotive technology, which designs, develops, and manufactures software, hardware and systems for occupant protection, advanced driving assistance systems, and collaborative and automated driving to OEMs globally. Veoneer has 7,500 employees in 11 countries. In 2020, sales amounted to $1.37 billion.
FinSMEs
04/10/2021