Press release
Qualcomm and SSW Partners Reach Definitive Agreement to Acquire Veoneer
- All-cash transaction at $37.00 per share provides superior value to Veoneer shareholders - Acquisition agreement structure positions all of Veoneer's
About this update from Qualcomm Incorporated
[{"type":"text","content":"- All-cash transaction at $37.00 per share provides superior value to Veoneer shareholders\n - Acquisition agreement structure positions all of Veoneer's businesses for success\n - Augments Qualcomm's ability to create an open and competitive ADAS platform for the global auto industry\n - SSW Partners to acquire Veoneer's RCS and Active Safety businesses and lead the process to find long-term strategic partners\n\n\nSAN DIEGO and NEW YORK and STOCKHOLM, Oct. 4, 2021 /PRNewswire/ -- Qualcomm Incorporated (NASDAQ: QCOM) and SSW Partners, a New York-based investment partnership (\"SSW Partners\"), today announced they have reached a definitive agreement to acquire 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. (\"Magna\") and canceled its October 19, 2021, special meeting that was previously scheduled to approve that agreement. \nAt 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. This transaction structure facilitates the long-term success of all Veoneer's businesses. \nHaving already demonstrated a successful partnership with Arriver, Qualcomm believes that the Arriver business will thrive at Qualcomm. Upon close of the transactions, Qualcomm will incorporate Arriver's Computer Vision, Drive Policy and Driver Assistance assets into its leading 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.\nSSW Partners will work with Veoneer's management to ensure the pursuit of Veoneer's existing business plan and to identify strong, long-term strategic partners for the Restraint Control Systems (RCS) and Active Safety businesses. The principals of SSW Partners have substantial investing, operating and transaction experience internationally, as well as a track record of success in collaborating with management teams in multiple geographies and industries. They are experienced investors ...