Qualcomm and SSW Partners $4.5 billion acquisition of Veoneer

Davis Polk is advising SSW Partners on the $4.5 billion acquisition of Veoneer, Inc. by Qualcomm Incorporated and SSW Partners. Veoneer has terminated its prior acquisition agreement with Magna International Inc. and canceled its October 19, 2021 special meeting that was previously scheduled to approve that agreement. At closing, SSW Partners will acquire all of the outstanding capital stock of Veoneer, shortly after which it will sell the Arriver business to Qualcomm and retain Veoneer’s Tier-1 supplier businesses. SSW Partners will lead the process of finding strong, long-term strategic partners for the Tier-1 supplier businesses. The transaction, which is expected to close in 2022, has been approved by the boards of directors of Qualcomm and Veoneer and is subject to approval under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 in the United States, certain European foreign direct investment approvals, approval by Veoneer stockholders and other customary conditions.

SSW Partners invests in high-quality businesses and collaborates with partners to create enduring value for all stakeholders. Qualcomm is a leading wireless technology innovator and the driving force behind the development, launch, and expansion of 5G. Veoneer designs, develops and manufactures state-of-the-art software, hardware and systems for automotive occupant protection, advanced driving assistance systems and collaborative and automated driving to OEMs globally.

The Davis Polk corporate team includes partners William H. Aaronson and George R. Bason Jr. The executive compensation team includes partner Jeffrey P. Crandall and associate Tessa Patti. The intellectual property and technology transactions team includes partner Pritesh P. Shah and associate Jesse L. Hallock. Partner William A. Curran is providing tax advice. All members of the Davis Polk team are based in the New York office.