Magna To Acquire Veoneer In Deal Representing A Total Value Of $ 3.8 Bln

T-Reuters2021-07-23

Veoneer Inc:Magna To Acquire Veoneer, Positioning Magna'S Adas Business As A Global Leader In A Fast-Growing Industry.Magna Will Acquire All Of Issued And Outstanding Shares Of Veoneer For $ 31.25 Per Share In Cash.Announced That They Have Entered Into A Definitive Merger Agreement Under Which Magna Will Acquire Veoneer.Deal Representing A Total Value Of $ 3.8 Billion, And An Enterprise Value Of $ 3.3 Billion.Expect To Realize Annual Run-Rate Synergies Of Approximately $100 Million By 2024.Magna Expects To Operate Veoneer'S Arriver Sensor Perception And Drive Policy Software Platform As An Independent Business Unit.Veoneer Will Be Combined With Magna'S Existing Adas Business And Integrated Into Magna'S Electronics Operating Unit.Transaction Has Been Unanimously Approved By Veoneer And Magna Boards Of Directors.Veoneer'S Board Of Directors Unanimously Recommends That Veoneer Stockholders Approve Proposed Merger And Merger Agreement.Transaction Is Expected To Close Near End Of 2021.

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