Leading semiconductor manufacturer Qualcomm Inc. (QCOM) has entered into an agreement with SSW Partners to acquire Sweden based automotive technology group Veoneer Inc. (VNE) in a deal worth $4.5 billion.
SSW Partners is a newly launched investment company in New York and according to the agreement Qualcomm and SSW will purchase the stock of Veoneer at $37 per share in cash.
“This transaction structure facilitates the long-term success of all Veoneer’s businesses,” said Veoneer.
Back in August, Qualcomm offered to buy Veoneer an 18.4% premium to an earlier bid of around $3.8 billion which had been offered in July by Canada based mobility technology company Magna International.
The board of Veoneer had already accepted the bid by Magna before Qualcomm presented its bid. Qualcomm’s bid came after the company signed a collaborative agreement with Veoneer to develop a chip initiative for driver-assistance systems called Arriver at the beginning of the year.