Veoneer has announced completion of the sale of its active safety business to Magna, a transaction first announced on 20 December, 2022.
In April 2022, SSW Partners acquired Veoneer in an all-cash transaction a total equity value of US$4.6bn.
Qualcomm subsequently completed acquisition of Arriver from SSW Partners.
“The combination with Magna will create a leading global supplier for ADAS and secure a compelling long term home for the active safety business’s loyal customers, dedicated employees, and innovative product portfolio,” said Veoneer CEO Jacob Svanberg in a statement.
Veoneer now focuses fully on safety critical electronics, and claims to be the “global pure play market leader in restraint control system electronics”. It has added ‘Safety Systems’ to its corporate brand.
“With the closing of the sale of the active safety business, we are now able to focus on finding the best long term home for Veoneer Safety Systems,” Svanberg added.
