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Qualcomm, SSW Partners To Acquire Veoneer For $37.00/share In Cash - Quick Facts

Qualcomm Inc. (QCOM) and SSW Partners, a New York-based investment partnership, announced Monday that they have reached a definitive agreement to acquire Veoneer, Inc. (VNE) 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. (MGA) and canceled its October 19, 2021, special meeting that was previously scheduled to approve that agreement.

The cash purchase price of $37.00 per share represents an 18% premium to Veoneer's prior agreement with Magna, and an 86% premium to the unaffected share price prior to the announcement of the Magna agreement.

The transaction has been approved by the boards of directors of Qualcomm and Veoneer and is subject to approval by Veoneer stockholders and other customary conditions. The transaction is expected to close in 2022.

At 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.

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.

SSW Partners' investment in Veoneer will represent its first capital commitment as a partnership since its founding at the beginning of the year.

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