- Magna International (MG) has signed an agreement to acquire the Veoneer Active Safety business from SSW Partners for $1.525 billion in cash
- Combined with Magna Electronics, the business is projected to have pro forma ADAS sales of approximately $1.8 billion in 2022, approximately $3 billion in 2024
- The transaction is expected to close near mid-year 2023
- Magna is one of the world’s largest suppliers in the automotive space
- Magna International Inc. opened trading at $77.92 per share
Magna International (MG) has signed an agreement to acquire the Veoneer Active Safety business from SSW Partners for $1.525 billion in cash.
The acquisition builds on the strengths of Magna’s Advanced Driver Assistance Systems (ADAS). It positions the combined business with extensive products and capabilities to provide customers with a full suite of ADAS solutions.
The acquisition adds significant engineering resources and expands Magna’s ADAS customer base and geographic diversification.
”This acquisition is consistent with our Go-Forward strategy to accelerate investment in high-growth areas, strengthens our ability to deliver systems solutions to meet customer needs, and positions Magna as a leading full-service ADAS provider,” said Magna CEO Swamy Kotagiri.
”We plan to accelerate innovation by building on both organizations’ strengths, including customers, suppliers, technology partners and employees,” he added.
The transaction is expected to broaden Magna’s ADAS sensor and full systems capabilities, including radar, camera, ADAS ECU and driver monitoring.
It will also add 2,200 engineers, including 1,800 for systems, software and sensor development. In addition,
In addition, combined with Magna Electronics, the business is projected to have pro forma ADAS sales of approximately $1.8 billion in 2022 and approximately $3 billion in 2024. It is expected to generate higher ADAS content per vehicle opportunities.
The transaction is expected to close near mid-year 2023, subject to certain regulatory approvals and other customary closing conditions.
Magna is one of the world’s largest suppliers in the automotive space.
Magna International Inc. opened trading at $77.92 per share.