Oct. 8, 2021—Semiconductor chip manufacturer Qualcomm, Inc. earlier this week closed on a $4.5 billion deal to acquire Swedish automotive tech company Veoneer.

The purchase comes after the two companies agreed to partner on a software-and-chip platform for driver assist systems earlier this year, according to Reuters. Qualcomm will buy Veoneer for $37 per share in cash.

"This transaction structure facilitates the long-term success of all Veoneer's businesses," Veoneer said.

Veoneer's board of directors had already accepted a buyout offer from manufacturing company Magna, which will now receive a $110 million termination fee.