Qualcomm submitted a proposal to acquire Veoneer

5 August 2021, 10:01:14

Qualcomm announced it has submitted an offer to acquire the autotech company Veoneer for $37 per share, in an all-cash transaction. Its offer has been approved by Qualcomm's Board of Directors, does not require Qualcomm stockholder approval, and has no financing conditions.

This proposed acquisition is consistent with Qualcomm's growth and diversification strategy. It 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.

"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 Incorporated.

Veoneer designs, develops and manufactures state-of-the-art software, hardware and systems for occupant protection, advanced driving assistance systems, collaborative and automated driving.

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