Magna International To Acquire Veoneer Active Safety Business For $1.52 Bln In Cash

(RTTNews) - Magna International Inc. (MGA, MG.TO) Tuesday announced an agreement to acquire the Veoneer Active Safety business from SSW Partners for $1.525 billion in cash. The acquisition is expected to broaden Magna's Advanced Driver Assistance Systems or ADAS portfolio with complementary products, customers, geographies, engineering, and software resources.

The combined business is projected to generate approximately $3 billion in sales in 2024. The acquisition will bring in 2,200 engineers, including 1,800 for systems, software, and sensor development.

The transaction is expected to be closed near mid-year 2023.