Magna International to buy Veoneer’s active safety business for US$1.525 billion
By The Canadian Press on December 20, 2022.
TORONTO – Magna International Inc. has signed a deal to buy Veoneer’s active safety business from investment firm SSW Partners for US$1.525 billion in cash. The Ontario auto parts company says the deal adds significant engineering resources and expands its advanced driver assistance systems customer base and geographic diversification. The acquisition will add 2,200 engineers, including 1,800 for systems, software and sensor development, to Magna. Veoneer’s active safety sales are projected to be about US$1.1 billion in 2022. Magna CEO Swamy Kotagiri says the deal is consistent with the company’s strategy to accelerate investment in high-growth areas. The agreement is expected to close near the middle of 2023, subject to regulatory approvals and other customary closing conditions This report by The Canadian Press was first published Dec. 20, 2022. Companies in this story: (TSX:MG) 9-8
