Qualcomm outbids Magna for auto tech specialist Veoneer

SAN DIEGO – Qualcomm Incorporated (NASDAQ: QCOM) today announced it has submitted an offer to acquire Veoneer for $37 per share, in an all-cash transaction. Our 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.

Qualcomm will fund the transaction with existing cash resources, and therefore, its offer is not subject to any financing contingency or condition. This offer has been unanimously approved by Qualcomm's Board of Directors and does not require Qualcomm stockholder approval.

Qualcomm is prepared to immediately commence a focused diligence process, which we anticipate being able to complete in short order. While Qualcomm does not believe there are material regulatory clearance concerns in respect to its offer, Qualcomm will agree to the same regulatory provisions as the Magna agreement and expects to provide even greater regulatory-related closing protection following our diligence. Qualcomm believes that its offer delivers superior value and deal certainty to Veoneer stockholders.

Read the full announcement here.

Qualcomm