Qualcomm and investment group SSW Partners announced on Monday that they will acquire Veoneer for $4.5 billion, and the transaction will be completed in full cash.
Veoneer had previously agreed to sell itself to Magna. The deal looks likely to progress until Qualcomm submits a bid for $800 million a month later.
SSW said that upon completion of the acquisition, it will sell Veoneer's Arriver business, an advanced driver assistance system stack including sensors and software, to Qualcomm, and look for a strategic buyer for Veoneer's Tier-1 supplier businesses, including the restraint control systems (RCS) and active safety businesses.
The transaction is expected to be completed next year.
In fact, this is not Qualcomm's first major acquisition this year. In January of this year, Qualcomm acquired the high-performance computing startup Nuvia for $1.4 billion, which means that it is seeking markets other than telecommunications.