May 20, 2022

Alice-in-chains

Automotive forever

Qualcomm Bids $4.6 Billion for Veoneer as Its New CEO Looks Outside of Apple iphone

Qualcomm Inc. has created a $4.6 billion offer to invest in automobile-technological know-how enterprise Veoneer Inc., going to outbid Magna Worldwide Inc. as the semiconductor company’s new chief seeks to expand further than the core mobile-telephone chip business.

Chips have turn out to be ever a lot more central to modern-day vehicles, with roles in everything from automated driving to the electronics that alter seat posture. Additional just lately, driver-guidance options that use personal computers to help command pace and steering have observed their way into a more substantial share of automobile makers’ products lineups.

Qualcomm stated Thursday it bid $37 a share for Veoneer. The offer you will come two weeks soon after the Swedish enterprise agreed to be obtained by Magna Global, a Canadian car-pieces supplier, in an all-money offer. Qualcomm is proposing to pay out in cash at an 18.4% quality to the Magna give.

Veoneer, which was spun out of automotive-security firm Autoliv Inc. three many years in the past, would make sensors this kind of as radar, lidar and camera-dependent units that allow for personal computers to get a better position in driving.

Veoneer, in a statement Thursday, reported its board of administrators would “evaluate the proposal from Qualcomm regular with its legal responsibilities and the phrases of the Magna merger agreement,” including “the merger agreement remains in location.”