Home Business Magna International to buy Veoneer Active Safety for $1.5 billion

Magna International to buy Veoneer Active Safety for $1.5 billion

1 min read
Comments Off on Magna International to buy Veoneer Active Safety for $1.5 billion
0
39

[ad_1]

Article content

Canadian auto parts maker Magna International Inc said on Tuesday it had agreed to buy Veoneer Active Safety business from investment firm SSW Partners for US$1.53 billion in cash to bolster its portfolio of self-driving technology.

The deal is expected to add to Magna’s sensor and full systems capabilities, including radar, camera and driver monitoring, and add 2,200 engineers for systems, software and sensor development.

Article content

Veoneer Active Safety sales are projected to be about US$1.1 billion in 2022 and increase to about US$1.9 billion in 2024.

The deal is expected to close near mid-year 2023.

More to come …

© Thomson Reuters 2022

[ad_2]

Source link

Load More Related Articles
Load More By 
Load More In Business
Comments are closed.

Check Also

China’s Jan factory activity contracts at slower pace – Caixin PMI

[ad_1] Breadcrumb Trail Links PMN Business Article content BEIJING — China’s factory activ…