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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| Magna International Inc | TSX:MG | Toronto | Common Stock |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| -0.24 | -0.38% | 63.65 | 63.58 | 63.65 | 65.11 | 62.84 | 64.21 | 1,815,152 | 21:27:05 |
From May 2021 to May 2024
By Colin Kellaher
Qualcomm Inc. on Monday said it has teamed with investment firm SSW Partners on a $4.5 billion deal to buy Veoneer Inc., snatching the Swedish automotive-technology company from Canada's Magna International Inc.
San Diego chip maker Qualcomm said SSW will acquire Veoneer for $37 a share and then sell Veoneer's Arriver sensor perception and drive policy software platform to Qualcomm.
The amount Qualcomm would pay for Arriver wasn't immediately available.
Magna in July agreed to buy Veoneer for $31.25 a share in a bid to bolster its position in advanced driver assistance systems, or ADAS, which includes features such as adaptive cruise control and lane-keeping assistance.
Qualcomm in August stepped in with a bid of $37 a share, and Veoneer agreed to hold talks on a deal. Veoneer's agreement with Magna allows the Stockholm company to accept a superior proposal and walk away from the Magna deal in exchange for a $110 million breakup fee.
Qualcomm and SSW on Monday said Veoneer terminated its agreement with Magna and canceled a shareholder vote scheduled for Oct. 19 to approve the deal.
The Qualcomm/SSW deal represents an 18% premium to the Magna agreement and an 86% premium to Veoneer's July 22 closing price of $19.93, before the Magna deal was announced. Veoneer shares closed at $34.55 on Friday.
Qualcomm and SSW said they expect the Veoneer deal to close next year.
Write to Colin Kellaher at colin.kellaher@wsj.com
(END) Dow Jones Newswires
October 04, 2021 09:41 ET (13:41 GMT)
Copyright (c) 2021 Dow Jones & Company, Inc.
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