Veoneer Sells Active Safety Business To Magna International For $1.53 Billion in Cash
20 Dezembro 2022 - 08:26AM
Dow Jones News
By Dominic Chopping
STOCKHOLM--Swedish automotive technology company Veoneer said
Tuesday it has agreed to sell its active safety business to auto
technology supplier Magna International Inc. for $1.53 billion in
cash.
"Magna is the right long-term home for Veoneer's active safety
business," Veoneer Chief Executive Jacob Svanberg said.
"The combination of both businesses creates durable value and
accelerates an already exciting growth trajectory."
The deal is expected to close near mid-year 2023, subject to
regulatory clearance.
Veoneer was spun-off from air bag and seatbelt maker Autoliv
Inc. in 2018 and was subsequently bought by U.S. investment firm
SSW Partners earlier this year, with Qualcomm Inc. buying Veoneer's
Arriver software business.
With Tuesday's announcement to sell the active safety business
to Magna, Veoneer said it continues the process of finding the best
long-term home for its restraint control systems business.
Write to Dominic Chopping at dominic.chopping@wsj.com
(END) Dow Jones Newswires
December 20, 2022 06:11 ET (11:11 GMT)
Copyright (c) 2022 Dow Jones & Company, Inc.
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