Qualcomm has partnered with a financial investor to buy Veoneer for $4.5 billion, putting an end to Magna International’s bid to acquire the maker of advanced driving assistance systems (ADAS) hardware and software.
SSW Partners, a New York-based investment partnership, will acquire all outstanding shares of Veoneer, the companies explained in a statement. SSW Partners will then sell Veoneer’s Arriver business unit to Qualcomm for an undisclosed amount.
Arriver’s technology portfolio includes software to enable computer vision, drive policy and driver assistance, which Qualcomm plans to integrate into its Snapdragon Ride ADAS solution.
Cristiano Amon, Qualcomm president and CEO, described his company as “the natural owner of Arriver” in a statement. “By integrating these assets, Qualcomm accelerates its ability to deliver a leading and horizontal ADAS solution as part of its digital chassis platform,” he said.
The three-way deal with SSW Partners means Qualcomm will acquire the parts of Veoneer that fit best with its business, and will pay less than the $4.6 billion it originally offered for the entire company.
SSW Partners stated it will work to find strategic buyers for the parts of Veoneer Qualcomm is not acquiring.
Before Qualcomm swooped in with a higher offer, Veoneer had agreed to be acquired by Canada’s Magna International. Veoneer stated it has now terminated that agreement.Subscribe to our daily newsletter Back