Qualcomm has made a bid of USD 4.6 billion to acquire Veoneer, in attempt to further its automotive business in the growing autonomous vehicles market. Qualcomm's offer of USD 37 per share is higher than an earlier agreed bid from Magna for Veoneer of USD 31.25 per share, and Qualcomm said it's willing to agree similar conditions to the Magna offer.
Qualcomm's offer is over 80 percent more than Veoneer's share price at the end of July, when the Magna deal was announced. Qualcomm said it is not subject to any financing conditions and can be paid from internal cash, nor would its shareholders need to approve the deal. It's ready to move quickly to due diligence to reach an agreement with Veoneer, the company said.
Qualcomm sees great promise in Veoneer's Arriver sensor perception and drive policy software as a platform for assisted driving. This could be bundled with its own Snapdragon Ride platform to deliver a complete autonomous driving system for automakers and manufacturers. The companies have already been working together on the integration since last year.
