SSW Partners $1.525 billion sale of Veoneer Active Safety business to Magna
We are advising SSW Partners and Veoneer on the transaction
Davis Polk is advising SSW Partners and Veoneer on the $1.525 billion sale of Veoneer’s Active Safety business to Magna International, Inc., subject to working capital and other customary purchase price adjustments. The transaction is expected to close near mid-year 2023, subject to approval of applicable regulatory authorities and other customary closing conditions.
Veoneer, an automotive technology company, is a world leader in active safety and restraint control systems, focused on delivering innovative, best-in-class products and solutions to our customers. SSW Partners invests in high-quality businesses and collaborates with partners to create enduring value for all stakeholders. In April 2022, SSW Partners acquired Veoneer in an all-cash transaction representing a total equity value of $4.6 billion. Qualcomm Incorporated subsequently completed the acquisition of Arriver from SSW Partners for an undisclosed sum. With the announcement to sell the Active Safety business to Magna, Veoneer continues the process of finding the best long-term home for its Restraint Control Systems business.
Magna is a Canada-based mobility technology company and global supplier in the automotive space.
The Davis Polk corporate team includes partners William H. Aaronson, Lee Hochbaum and Darren M. Schweiger and associates Rachel Schlosser and Steven Jaffe. The executive compensation team includes partner Jennifer S. Conway and counsel Kevin A. Brown. The tax team includes partner William A. Curran. The intellectual property and technology transactions team includes partner Pritesh P. Shah and associate Yana Kipnis. All members of the Davis Polk team are based in the New York office.