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    MG   CA5592224011

MAGNA INTERNATIONAL INC.

(MG)
  Report
Delayed Quote. Delayed Toronto Stock Exchange - 11/30 05:00:00 pm
95.75 CAD   -4.60%
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Magna International : Qualcomm, SSW Partners to buy Veoneer in $4.5 billion deal

10/04/2021 | 09:33pm EST
IAA MOBILITY 2021 show in Munich

STOCKHOLM (Reuters) - Chipmaker Qualcomm Inc and SSW Partners have reached an agreement to buy Swedish automotive technology group Veoneer for $4.5 billion, Veoneer said on Monday.

Veoneer's expertise in making advanced driver assistance systems (ADAS) made it an attractive takeover target for both Qualcomm and Canada's Magna.

Qualcomm in August offered to buy Veoneer at an 18.4% premium to a July bid worth around $3.8 billion by Magna that had already been accepted by Veoneer's board.

Qualcomm's bid came after it signed a collaboration deal with Veoneer to develop a software and chip platform for driver-assistance systems called Arriver in January 2021.

Qualcomm and SWW Partners, a newly-founded investment firm based in New York, will buy Veoneer for $37 per share in cash, Veoneer's statement said.

The unusual deal structure allows SSW Partners to buy all outstanding shares of Veoneer, after which it will lead a process to look for a strategic buyer for Veoneer's Tier-1 supplier businesses, including the restraint control systems (RCS) and active safety businesses, while selling the Arriver business to Qualcomm.

"This transaction structure facilitates the long-term success of all Veoneer's businesses," Veoneer said.

Magna had a similar interest in buying Veoneer, as it tries to compete with ADAS makers such as Aptiv, Bosch and Continental.

Veoneer said it had terminated its prior acquisition agreement with Magna. In a separate statement, Magna said Veoneer will pay a termination fee of $110 million to Magna.

Stockholm-listed shares in Veoneer, which was spun off in 2018 from air bag and seatbelt maker Autoliv, rose 4.33% to trade at 313.4 crowns ($35.91) at close.

(1 Swedish crown = $0.115)

(Reporting by Anna Ringstrom and Helena Soderpalm and Krystal Hu in New York; Editing by Ed Osmond and Christian Schmollinger)

By Helena Soderpalm and Krystal Hu


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
MAGNA INTERNATIONAL INC. -4.60% 95.75 Delayed Quote.6.26%
QUALCOMM, INC. -1.73% 180.56 Delayed Quote.18.52%
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Analyst Recommendations on MAGNA INTERNATIONAL INC.
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Financials (USD)
Sales 2021 36 005 M - -
Net income 2021 1 364 M - -
Net Debt 2021 2 074 M - -
P/E ratio 2021 16,5x
Yield 2021 2,29%
Capitalization 22 525 M 22 495 M -
EV / Sales 2021 0,68x
EV / Sales 2022 0,61x
Nbr of Employees 154 000
Free-Float 99,4%
Chart MAGNA INTERNATIONAL INC.
Duration : Period :
Magna International Inc. Technical Analysis Chart | MG | CA5592224011 | MarketScreener
Technical analysis trends MAGNA INTERNATIONAL INC.
Short TermMid-TermLong Term
TrendsBearishNeutralNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 19
Last Close Price 74,90 $
Average target price 94,60 $
Spread / Average Target 26,3%
EPS Revisions
Managers and Directors
Seetarama Kotagiri President & Chief Executive Officer
Vincent J. Galifi Chief Financial Officer & Executive Vice President
Bill L. Young Chairman
Paul Bellack Vice President-Information Technology
Anton Mayer Executive Vice President-Research & Development
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