Qualcomm last week announced it has submitted an offer to acquire Swedish automotive tech company Veoneer for $4.6 billion which comes to $37 per share.
This proposed acquisition reinforces the company’s commitment to bring advanced technologies to the automotive industry and represents a natural extension of Qualcomm’s digital chassis solutions. The company continues to see traction in automotive, with a revenue-design win pipeline of approximately $10 billion.
Qualcomm said it will fund the transaction with existing cash resources, and therefore, its offer is not subject to any financing contingency or condition. This offer has been unanimously approved by Qualcomm’s Board of Directors and does not require Qualcomm stockholder approval.
Qualcomm is prepared to immediately commence a focused diligence process, which we anticipate being able to complete in short order. Qualcomm believes that its offer delivers superior value and deal certainty to Veoneer stockholders.
Cristiano Amon, President and CEO of Qualcomm
As the automotive industry continues to transform, it is becoming increasingly important for automakers to have a partner who develops horizontal platforms that drive innovation and enable competition. The proposed acquisition will bring together our industry-leading automotive solutions with Veoneer’s assisted driving assets to deliver a competitive and open ADAS platform to automakers and Tier 1 suppliers at scale.
