Qualcomm and SSW Partners win the battle for Veoneer

This deal also means that Veoneer has terminated its prior acquisition agreement with Magna International Inc. At closing, SSW Partners will acquire all of the outstanding capital stock of Veoneer, shortly after which it will sell the Arriver business to Qualcomm and retain Veoneer’s Tier-1 supplier businesses. SSW Partners says it will lead the process of finding strong, long-term strategic partners and that this transaction structure facilitates the long-term success of all Veoneer’s businesses. Upon close of the transactions, Qualcomm will incorporate Arriver’s Computer Vision, Drive Policy and Driver Assistance assets into its leading Snapdragon Ride Advanced Driver Assistance Systems (ADAS) solution. “Qualcomm is the natural owner of Arriver. By integrating these assets, Qualcomm accelerates its ability to deliver a leading and horizontal ADAS solution as part of its digital chassis platform,” says Cristiano Amon, president and CEO of Qualcomm Incorporated in the press release. “We believe that this transaction and structure benefits both Qualcomm’s and Veoneer’s shareholders, positions all of Veoneer’s businesses for success and provides a compelling opportunity to customers and employees.” “This transaction creates superior value for our shareholders,” adds Jan Carlson, Chairman, President and CEO of Veoneer. “It also provides attractive opportunities to our Arriver team at Qualcomm and allows our other businesses to find long-term industrial partners where they can continue to develop.” Antonio Weiss and Josh Steiner of SSW Partners says that while Qualcomm focuses on the Arriver business, SSW Partners will focus on finding strong, long-term strategic homes for the rest of Veoneer’s businesses.