Veoneer Inc. (NASDAQ: VNE) stock decline by 1.82% at the last close whereas the VNE stock price gains by 55.19% in the pre-market trading session. Veoneer is a global automotive technology leader. Their goal is to instill confidence in mobility. We work with OEMs across the world to design, develop, and manufacture cutting-edge software, hardware, and systems for occupant safety, advanced driver assistance systems, and cooperative and automated driving.
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What is happening?
Magna International Inc. and Veoneer, Inc. have stated that they have agreed to merge, with Magna acquiring Veoneer, a pioneer in automobile safety technologies. According to the deal, Magna will pay $ 31.25 per share in cash for all of Veoneer’s issued and existing shares, for a combined worth of $ 3.8 billion and an enterprise value of $ 3.3 billion as of March 31, 2021, inclusive of Veoneer’s cash, net of debt and other debt-like items.
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Magna’s autonomous vehicle systems division will be positioned as a worldwide leader with complete capabilities as a result of the purchase. Magna’s ADAS Company will also benefit from the purchase, as it will gain access to new clients and markets, including Asia. Magna intends to run Veoneer’s Arriver sensor perception and drive policy software platform as a separate business entity, as Veoneer already does. Magna will also acquire Veoneer’s global leadership position in restraint control systems.
Jan Carlson, Veoneer’s Chairman, President, and CEO commented,
For all of VNE’s stakeholders, this is an appealing deal. Through a significant premium to their trading price, it will bring direct and immediate value to Veoneer investors, as well as new chances for the staff to join one of the most competent suppliers in the mobility market. Furthermore, joining forces with Magna will allow the combined company to raise its reputation as a full-systems ADAS provider, which will help their customers, supplier partners, and eventually consumers.