For this deal, the chipset manufacturer managed to surpass Magna International. In July of this year, Veoneer had agreed to sell itself to Magna in an offer worth $31.25 per share, but Qualcomm submitted its offer for $800 million, or about 18% more.
A Qualcomm, together with an investment firm SSW Partners, has agreed to buy Veoneer, a Swedish technology company automobile in a cash deal worth about $4.5 billion, as the company is paying $37 per share.
For this agreement, the manufacturer of chipsets managed to surpass the Magna International. In July of this year, Veoneer had agreed to sell to Magna
in an offer worth US$31.25 per share, but at
AMagna, with a capitalization of market of $25.3 billion compared to $164.8 billion for Qualcomm, did not even submit a counterproposal. The Veoneer will pay the Magna a “split fee” of $110 million. The deal is expected to close next year.
SSW Partners said it would sell Arriver technology from Veoneer
, which is an advanced driver assistance system stack that includes sensors and software, for the Qualcomm and that it would maintain other business from the Swedish company’s Level 1 suppliers.
This is not the first major acquisition for Qualcomm
this year. In January, a Qualcomm agreed to acquire the high-performance computing startup Nuvia for $1.4 billion to establish itself in markets beyond telecommunications.
A Qualcomm, which is known for making ‘chipsets’ for smartphones, is looking for new avenues to profit beyond mobile-related chips . With the advancement of automotive technology and increasing demand, this seems to be the main target of the company.
It already supplies chips that power communication and infotainment systems in cars and now intends to expand its reach in driver assistance technology. Last year, Qualcomm has partnered with Veoneer to form Arriver and began developing driving technology aimed at hitting the road in 2024.
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Graduated in Informatics / Multimedia I have been working for 10 years in Logistics in the Automotive Branch. I have a passion for New Technologies, I grew up with computers and technologies always present, I watched the evolution until today and I continue to absorb as much information as possible. I am a Tech Junkie. Addicted to Smartphones and of course AndroidGeek.pt
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