Qualcomm and SSW Partners submit a competitive bid to Veoneer | Business

Veoneer, for its part, terminated the deal with Canadian Magna International and canceled a shareholders’ meeting to vote on approving the deal with Magna, according to a statement issued by Qualcomm and SSW Partners.

SSW Partners will acquire Veoneer for $ 37 per share and then sell the Veoneer platform Arriver to its partner in this transaction, Qualcomm.

The amount Qualcomm will pay for Arriver has not yet been announced.

Veoneer, which spun off three years ago from Autoliv, a company that develops vehicle safety systems, manufactures sensors and camera-mounted systems that enhance the role of computers in driving.

In July, Magna reached an agreement to take over Veoneer by offering a price of $ 31.25 per share to strengthen its position in the driver assistance technology market.

In August, Qualcomm submitted a competitive bid for Veoneer to pay $ 37 per share.

Qualcomm and SSW Partners expect the deal to be completed next year.