Magna to Acquire Automotive Safety Company Veoneer
July 27, 2021—Automotive provider Magna announced Monday it will acquire driver-assist technology supplier Veoneer for around $3.8 billion.
According to a report from the Cambridge Network, both companies "have entered into a definitive merger agreement" that has been unanimously approved by both companies' boards of directors with the transaction expected to close near the end of 2021.
Once the deal is finalized, Veoneer will combine with Magna's existing ADAS business structure and will "build upon relationships with both organizations' automotive customers."
“Veoneer’s complementary technology offerings, customer base, and geographic footprint make it an excellent fit with our ADAS business, and the acquisition strengthens our global engineering and software development talent base,” Magna CEO Swamy Kotagiri said.