STOCKHOLM and NEW YORK, Dec. 20, 2022 /PRNewswire/ — The automotive know-how firm Veoneer introduced that it has entered into an settlement with Magna Worldwide Inc., a mobility know-how firm and one of many largest suppliers within the auto trade. Beneath the settlement Magna will purchase Veoneer’s Lively Security enterprise from SSW Companions, a New York primarily based funding partnership (“SSW”) for $1.525 billion in money, topic to working capital and different customary buy worth changes.
Combining Veoneer’s Lively Security competence and product portfolio with Magna’s Superior Driver Help Programs, ADAS, enterprise will strengthen the mixed enterprise and supply prospects in additional geographical areas with a full suite of ADAS options.
“Magna is the appropriate long-term house for Veoneer’s Lively Security enterprise. The mixture of each companies creates sturdy worth and accelerates an already thrilling development trajectory for Veoneer’s staff, merchandise and prospects. Till closing of the settlement, Veoneer continues to execute in its present construction with full concentrate on buyer deliveries, new launches and continued innovation,” mentioned Jacob Svanberg, Chief Govt Officer, Veoneer.
In April 2022, SSW Companions acquired Veoneer in an all-cash transaction representing a complete fairness worth of $4.6 billion. Qualcomm Included (NASDAQ: QCOM) subsequently accomplished the acquisition of Arriver™ from SSW Companions for an undisclosed sum. With the announcement to promote the Lively Security enterprise to Magna, Veoneer continues the method of discovering the perfect long-term house for its Restraint Management Programs enterprise.
The transaction with Magna is anticipated to shut close to mid-year 2023, topic to approval of relevant regulatory authorities and different customary closing circumstances.
Evercore and Morgan Stanley& Co. LLC acted as monetary advisors to Veoneer and SSW Companions. Davis Polk & Wardwell LLP acted as authorized counsel and Baker Botts L.L.P acted as regulatory counsel to Veoneer and SSW Companions.
For extra data please contact:
For Veoneer:
Thomas Jönsson, EVP Communications & IR,
[email protected], tel +46 (0)8 527 762 27
For SSW Companions:
Gladstone Place Companions
Steve Lipin/Danielle Fornabaio +1 (212) -230-5930
About Veoneer
Veoneer HoldCo, LLC., an automotive know-how firm, is a world chief in lively security and restraint management programs, targeted on delivering modern, best-in-class merchandise and options to our prospects. Our function is to create belief in mobility. Veoneer is a Tier-1 {hardware} provider and system integrator with merchandise being a part of greater than 125 scheduled car launches for 2022. Headquartered in Stockholm, Sweden, Veoneer has 6,100 staff in 11 international locations. The Firm is constructing on a heritage of near 70 years of automotive security improvement.
About SSW Companions LP
SSW Companions invests in high-quality companies and collaborates with companions to create enduring worth for all stakeholders. We concentrate on companies that persistently put money into their merchandise and folks, have constructed their reputations primarily based on the standard of the products they produce or providers they supply, who’ve demonstrated the capability for innovation and fixed enchancment, and who prioritize the pursuits of all stakeholders, together with staff, prospects, house owners, and the communities by which the companies function.
The next recordsdata can be found for obtain:
SOURCE Veoneer
