- Qualcomm will fund the transaction with existing cash resources
- The offer has been approved by Qualcomm’s Board of Directors, does not require Qualcomm stockholder approval, and has no financing conditions
Qualcomm Incorporated announced it has submitted an offer to acquire Veoneer for $37 per share, in an all-cash transaction. The offer has been approved by Qualcomm’s Board of Directors, does not require Qualcomm stockholder approval, and has no financing conditions. The company continues to see traction in automotive, with a revenue-design win pipeline of approximately $10 billion.
Cristiano Amon, president and CEO of Qualcomm Incorporated added, “As the automotive industry continues to transform, it is becoming increasingly important for automakers to have a partner who develops horizontal platforms that drive innovation and enable competition. The proposed acquisition will bring together our industry-leading automotive solutions with Veoneer’s assisted driving assets to deliver a competitive and open ADAS platform to automakers and Tier 1 suppliers at scale.”
Qualcomm will fund the transaction with existing cash resources, and therefore, its offer is not subject to any financing contingency or condition. Qualcomm is prepared to immediately commence a focused diligence process. Qualcomm will agree to the same regulatory provisions as the Magna agreement and expects to provide even greater regulatory-related closing protection following the diligence.
