The deal, expected to close by mid-2023, gives Magna access to Veoneer's suite of camera and radar systems, as well as its driver monitoring technology and domain controllers. Magna will gain about 2,200 engineers, most of which work in key systems, software and sensor development areas.
Canadian supplier Magna International Inc. said on Tuesday it agreed to buy Veoneer Active Safety from investment firm SSW Partners for $1.53 billion in cash to bolster its portfolio of self-driving technology.
The deal comes about 14 months after Magna was outbid for the entirety of Sweden-based Veoneer by U.S. tech giant Qualcomm Inc., which paid $4.5 billion to purchase Veoneer's Arriver software business — about 18 per cent more than Magna offered. Magna saw"no deterioration" in Veoneer's ADAS business in the last year, so it remained an attractive acquisition target, Kotagiri said.Carmakers and suppliers have been fine-tuning their approach to self-driving and driver-assistance systems after struggling to deliver meaningful progress on deploying robotaxi on public roads. Volkswagen Group and Ford Motor Co. last month pulled their support from self-driving firm Argo, after pouring billions into the startup.
"We should be among the leaders in camera and radar technology, which would address two of the largest total addressable markets in ADAS," Kotagiri said.
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