2021 ALL STAR | SOFTWARE INNOVATION
Under CEO Jan Carlson, Veoneer found itself at the center of a multibillion-dollar bidding war between Qualcomm Inc. and Magna International Inc. this year thanks to its coveted Arriver advanced driver-assistance software stack.
Magna and Qualcomm both saw value in the Arriver business and were willing to spend big on it. Magna was first with an offer to buy Veoneer for $31.25 per share, or about $3.8 billion.
But then came along Qualcomm.
"It was brought to our attention more or less simultaneously as it was announced on the Net that [there] is a nonbinding offer for $37" per share from Qualcomm, Carlson said. "That's how it came about."
Qualcomm would emerge victorious, entering into an agreement with New York investment firm SSW Partners to acquire Veoneer for $4.5 billion. Upon the deal's expected closure in 2022, Qualcomm will end up with the Arriver business, while the remainder of the company will be in SSW's hands as it searches for a long-term owner for it.
Carlson, 61, said the price Qualcomm and SSW plan to pay for Veoneer is a reflection of how far the company's technology has come — and the potential its systems have to save lives as they are deployed in vehicles.
"I have to say being part of that team makes me proud," he said. "We have created value for the industry by doing this, and ultimately then, we are doing good things."