Qualcomm and SSW Partners to Acquire Veoneer
Oct 4, 2021 By MarketDepth
Qualcomm Incorporated (NASDAQ: QCOM) and SSW Partners have reached a definitive agreement to acquire Veoneer, Inc. (NYSE: VNE) for USD 37 per share in cash. This represents a total equity value of USD 4.5 Billion for Veoneer. Veoneer has terminated its prior potential acquisition agreement with Magna International Inc. At close, SSW Partners will acquire all capital stock of Veoneer, afterwards it will sell the Arriver business to Qualcomm and retain Veoneer’s Tier 1 supplier businesses. “Qualcomm is the natural owner of Arriver. By integrating these assets, Qualcomm accelerates its ability to deliver a leading and horizontal ADAS solution as part of its digital chassis platform,” said Cristiano Amon, president and CEO of Qualcomm Incorporated. “We believe that this transaction and structure benefits both Qualcomm’s and Veoneer’s shareholders, positions all of Veoneer’s businesses for success and provides a compelling opportunity to customers and employees.”
“This transaction creates superior value for our shareholders. It also provides attractive opportunities to our Arriver team at Qualcomm and allows our other businesses to find long-term industrial partners where they can continue to develop. Our board and management team remain focused on delivering on our objectives, driving continuous improvements across the organization and launching new technologies and programs for our customers. Despite significant industry-wide challenges, our team has done an outstanding job positioning Veoneer for success, building on our leading ecosystem of partners, cutting-edge technology and a strong order book.”
Jan Carlson, Chairman, President and CEO of Veoneer
