Qualcomm and SSW Partners have teamed up to buy Veoneer Inc. for $4.5 Billion.
Qualcomm, which is based in San Diego, primarily focuses on the manufacturing of chips associated with driving safety, and the acquisition of Veoneer would bolster sensor perception as well as their software platform.
Veoneer was originally in talks with Magna in which the company bid to buy Veoneer for $31.25 a share. The deal quickly fell apart after Qualcomm stepped in and offered $37 a share. Qualcomm was able to get Veoneer out of a deal by offering Magna a $110 million breakup fee along with the cancellation of a shareholder vote that was scheduled to take place on October 19, and the new deal between Qualcomm, SSW, and Veoneer is to be scheduled for next year.
Source: Bloomberg
