Magna International to Acquire Veoneer Active Safety Business for $1.5 Billion

Magna International Inc. has entered into an agreement to acquire the Veoneer Active Safety business for just over $1.5 billion from SSW Partners. The combined business is projected to generate approximately $3 billion in sales in 2024.

The acquisition builds on Magna's Advanced Driver Assistance Systems (ADAS) strengths, and positions the combined business with extensive products and capabilities to provide customers with a full suite of ADAS solutions.

The acquisition adds significant engineering resources and expands Magna's ADAS customer base and geographic diversification.

Magan says the transaction is aligned with company's Go-Forward strategy of accelerating investments in high-growth areas.

Magna CEO, Swamy Kotagiri, says: '''This acquisition is consistent with our Go-Forward strategy to accelerate investment in high-growth areas, strengthens our ability to deliver systems solutions to meet customer needs, and positions Magna as a leading full-service ADAS provider. We plan to accelerate innovation by building on both organizations' strengths, including customers, suppliers, technology partners and employees. I am excited to welcome Veoneer Active Safety’s talented employees into our global Magna family.''

Magna includes 345 manufacturing operations and 90 product development, engineering and sales centres spanning 28 countries.