Magna International will buy Veoneer at US$3.8 Billion

Magna International Inc., a Canadian supplier of autos, is available.Thursday, April 12, 2009It will purchase Veoneer Inc., a Swedish competitor for $3.8 billion in cash. This deal would allow it to expand its driver assistance technology business.

Magna will purchase Veoneer’s shares outstanding for $31.25 per share. The acquisition has an enterprise value totaling $3.3 billion, including the debt.

Veoneer had a market value of $2.23 billionBased on the closing priceAccording to Refinitiv Eikon data, it is $19.93. On Thursday, the shares were closed at $19.93

According to Magna’s statement, Magna will achieve cost savings of approximately $100 million annually by 2024.

Veoneer, Stockholm —This was a spin-off from Autoliv, a long-standing safety equipment supplier.Inc. will merge with Magna’s advanced driver assistance system business in 2018.

Both companies have approved the deal and it is anticipated that the transaction will close before the end of the year.

Magna is ranked No. 4. Magna ranks No.

Publited Fri, 23 July 2021 at 02:52.08 +0000

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