Qualcomm has offered to acquire Veoneer in an all-cash transaction of US$37 per share or about US$4.6 billion in total.
The move will bring on board Veoneer’s automotive technology to better position Qualcomm in the growing automotive industry.
“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,” said Cristiano Amon, President and CEO of Qualcomm.
This proposed acquisition is consistent with Qualcomm’s growth and diversification strategy, reinforces its commitment to bring advanced technologies to the automotive industry, and represents a natural extension of its digital chassis solutions.