Magna to acquire Veoneer Active Safety business from SSW for $1.53B in cash

Magna announced it has entered into an agreement to acquire the Veoneer Active Safety business from SSW Partners for $1.53B in cash, subject to working capital and other customary purchase price adjustments. The combined business is projected to generate approximately $3B in sales in 2024, positioning Magna’s ADAS business as a global leader. The acquisition builds on Magna’s Advanced Driver Assistance Systems, or ADAS, strengths and positions the combined business with extensive products and capabilities to provide customers with a full suite of ADAS solutions. The acquisition adds significant engineering resources and expands Magna’s ADAS customer base and geographic diversification. The transaction adds 2,200 engineers, including 1,800 for systems, software and sensor development. Veoneer Active Safety sales are projected to be approximately $1.1B in 2022 and growing to approximately $1.9B in 2024. The transaction is expected to close near mid-year 2023, subject to certain regulatory approvals and other customary closing conditions.