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Qualcomm and SSW Partners to acquire Veoneer for $4.5 billion

Qualcomm Inc. (QCOM) and SSW Partners plan to acquire Veoneer Inc. (VNE) for $37 a share, the companies announced Monday. The transaction represents a $4.5 billion total equity value for Veoneer, which has terminated its prior plans to be acquired by Magna International Inc. (MG.T). SSW Partners plans to acquire all of Veoneer's outstanding capital stock, and once the deal is complete, the company intends to sell Veoneer's Arriver business to Qualcomm. SSW Partners, which is a New York-based investment partnership, will retain Veoneer's Tier-1 supplier business and look for "long-term strategic partners." Qualcomm already has a partnership with Arriver and expects to use the company's technology to augment its Snapdragon Ride advanced driver assistance systems (ADAS). "By integrating these assets, Qualcomm accelerates its ability to deliver a leading and horizontal ADAS solution as part of its digital chassis platform," Qualcomm Chief Executive Cristiano Amon said in a release. Qualcomm shares are up 0.3% in premarket trading, while Veoneer shares are up 3.7%.

-Emily Bary

 

(END) Dow Jones Newswires

10-04-21 0929ET

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