Veoneer Sells Active Safety Business To Magna International For $1.53 Billion in Cash

By Dominic Chopping

STOCKHOLM--Swedish automotive technology company Veoneer said Tuesday it has agreed to sell its active safety business to auto technology supplier Magna International Inc. for $1.53 billion in cash.

"Magna is the right long-term home for Veoneer's active safety business," Veoneer Chief Executive Jacob Svanberg said.

"The combination of both businesses creates durable value and accelerates an already exciting growth trajectory."

The deal is expected to close near mid-year 2023, subject to regulatory clearance.

Veoneer was spun-off from air bag and seatbelt maker Autoliv Inc. in 2018 and was subsequently bought by U.S. investment firm SSW Partners earlier this year, with Qualcomm Inc. buying Veoneer's Arriver software business.

With Tuesday's announcement to sell the active safety business to Magna, Veoneer said it continues the process of finding the best long-term home for its restraint control systems business.

Write to Dominic Chopping at dominic.chopping@wsj.com

(END) Dow Jones Newswires

December 20, 2022 06:11 ET (11:11 GMT)

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