Veoneer Shares Climb on Magna Acquisition Deal
July 23 2021 - 08:45AM
Dow Jones News
By Matt Grossman
Veoneer Inc. shares climbed Friday morning in pre-market trading
after the company said Thursday evening that it agreed to be
acquired by Magna International Inc. for $31.25 a share.
Shares traded up 55%, to $30.88, after closing Thursday at
$19.93.
The cash deal with Magna gives Veoneer an enterprise value of
$3.3 billion, the companies said. Veoneer, an automotive-technology
company based in Sweden, would become part of Magna's advanced
driver-assistance systems business.
The deal is expected to close near the end of 2021.
Write to Matt Grossman at matt.grossman@wsj.com
(END) Dow Jones Newswires
July 23, 2021 08:34 ET (12:34 GMT)
Copyright (c) 2021 Dow Jones & Company, Inc.
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