Magna To Buy Veoneer For Equity Value Of $3.8 Bln

(RTTNews) - Magna International Inc. (MGA, MG.TO) agreed to buy all of the issued and outstanding shares of Veoneer (VNE) for $31.25 per share in cash, representing an equity value of $3.8 billion, and an enterprise value of $3.3 billion, inclusive of Veoneer's cash, net of debt and other debt-like items as of March 31, 2021.

Magna expects to operate Veoneer's Arriver sensor perception and drive policy software platform as an independent business unit, consistent with Veoneer's current practice. In addition, Magna will acquire Veoneer's leading global position in restraint control systems.

The transaction is expected to close near the end of 2021.