According to a Bloomberg report on September 13, Qualcomm has formally proposed to acquire Veoneer, a technology provider of advanced driver assistance systems (ADAS) in Sweden, for more than US$4 billion. Veoneer has issued a press release confirming receipt of Qualcomm's proposal.
The report cited sources that Qualcomm’s acquisition of Veoneer stems from its deep interest in the Arriver autonomous driving unit, which is mainly responsible for the development of technologies such as ADAS. Qualcomm may plan to sell non-Arriver assets to private equity companies or other automakers after the acquisition.
Automotive industry analysts said that Qualcomm is trying to expand its business beyond mobile phones. Automotive chips accounted for about 3% of the company's chip sales last year, and growth has been slow in recent quarters.