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)

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