SSW Partners Completes Acquisition of Veoneer

SSW Partners Completes Acquisition of Veoneer

SSW Partners have acquired all shares in Veoneer for $37 per share in cash.

Veoneer has announced that SSW Partners, a New York-based investment partnership, has completed the previously announced acquisition of Veoneer Inc. for $37 per share in an all-cash transaction, representing a total equity value of ~$4.6 billion. 

SSW Partners expects to sell Veoneer’s Arriver business to Qualcomm Inc. and retain Veoneer’s Tier-1 supplier and integrator businesses. Qualcomm and SSW Partners were expected to complete the sale of the Arriver business on Monday, April 4. The last day of trading for the Veoneer common stock on NYSE and the SDRs on Nasdaq Stockholm was March 31, 2022. Holders of Veoneer common stock or Veoneer SDRs will receive $37 per share in cash; holders of SDRs will receive the consideration in SEK.

As previously announced Veoneer’s new owners, SSW Partners, have appointed Jacob Svanberg as Veoneer’s new CEO, effective April 1. Jan Carlson, who has been the company’s chairman, president and CEO since its inception in 2018, is leaving his operational and board roles at Veoneer, effective April 1, and will support the transition as advisor to the board and CEO.

SSW Partners will work closely with Veoneer’s management to ensure the pursuit of Veoneer’s business plan and to lead the process in identifying strong, long-term strategic owners for Veoneer’s Restraint Control Systems and Active Safety businesses. In the interim, Veoneer remains well-positioned to continue executing its strategy and focused on delivering best-in-class innovation, products and services to its customers.

Centerview Partners LLC and Evercore Group L.L.C. acted as financial advisors to Qualcomm and Paul, Weiss, Rifkind, Wharton & Garrison LLP acted as legal counsel. Davis Polk & Wardwell acted as legal counsel to SSW Partners. Morgan Stanley and Rothschild & Co. acted as financial advisors to Veoneer, and Skadden, Arps, Slate, Meagher & Flom LLP acted as legal counsel.

You May Also Like

ADD Group Presenting at Automechanika Shanghai 2023

The main product highlights are the company’s new complete strut assemblies and air shocks for EV applications.

ADD Group, manufacturer of shocks, struts and complete strut assemblies, announced it will be exhibiting its innovations and various product lines at HALL 3 Booth 3N35 at Automechanika Shanghai 2023, Nov. 29 to 2 Dec. 2.

The group will be exhibiting its full line of shocks, struts, and complete strut assemblies, along with air shocks, strut mounts, motor mounts and engine sealing parts for passenger cars, SUVs, pickups, light trucks, commercial and heavy-duty vehicles.

ECARX Starts Mass Production of Antora 1000 Computing Platform

The Lynk & Co. 06 EM-P SUV features a digital cockpit experience powered by the ECARX Antora 1000 computing platform.

Stellantis, CATL Sign MoU for LFP Batteries in Europe

The companies will look to develop technology for Stellantis’ EVs and explore opportunities in the battery value chain.

CATL building
Hesai’s ET25 Wins CES 2024 Innovation Award

Hesai’s ultra-thin, long-range LiDAR, the ET25, has been named a CES 2024 Innovation Awards honoree.

Current Status of U.S.-China Trade Issues

Interviewee Leslie Alan Glick discusses the impact of Section 301 tariffs on the aftermarket.

Other Posts

Epicor Acquires Elite EXTRA

The acquisition adds advanced last-mile delivery capabilities across the make, move and sell industries.

XPENG Presenting MPV XPENG X9 at Auto Guangzhou 2023

The XPENG X9 is built under the next-generation Smart EV architecture SEPA2.0.

NIO Inc. Appoints Independent Director

Professor Yonggang Wen has been appointed as the new independent director of NIO’s board, effective Nov. 13.

The Mufflerman Inc. Acquires EuroMechanic

EuroMechanic will continue to operate as a distinct division within The Mufflerman.