Qualcomm, one of the first companies that comes to mind when it comes to processor, plans to sign a new job. Qualcomm will also take on automotive technology.
Qualcomm, which produces the processors of smartphones and is the first brand that comes to mind when it comes to processors; has agreed to acquire Veoneer, a Swedish automotive technology company, in a deal worth approximately $4.5 billion, together with investment firm SSW Partners.
Qualcomm acquires automotive technology company Veoneer
The company managed to bid higher than the mobile processor manufacturer Magna International for this deal and managed to bring Veoneer under its umbrella. In July of this year, Veoneer agreed to transfer the company to Magna with an offer of $31.25 per share. In the meantime, however, Qualcomm intervened and managed to buy the company with an 18 percent overdraft offer.
With a market capitalization of $25.3 billion compared to Qualcomm’s $164.8 billion market cap, Magna could not even submit a counter bid to Qualcomm.
SSW Partners; announced that Qualcomm has acquired automotive technology company Veoneer with an advanced driver assistance system that includes sensors and software.
This isn’t the first major acquisition for Qualcomm this year. We told you in January that Qualcomm bought high-performance computing startup Nuvia for $1.4 billion to establish itself in markets outside of telecommunications.
Known for producing processors for smartphones, Qualcomm is looking for new ways to profit beyond phone-related processors. With the advancement and increasing demand in automotive technology, this seems to be the primary goal for the company.
It already provides chips that power in-vehicle communication and infotainment systems; it now aims to expand its reach in driver assistance technology. Qualcomm partnered with Veoneer to create Arriver last year and has begun developing drive technology, aiming to hit the road in 2024.