Stefan Mileschin

Battle in the car industry

Qualcomm is having a crack out outbidding Magna in its battle to buy Automotive outfit Veoneer.

It is bidding for 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.

Qualcomm CEO president Cristiano Amon said: "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.”

https://fudzilla.com/news/automotive...na-for-veoneer