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STOCKHOLM – Swedish auto technology company Veoneer said on Tuesday it has agreed to sell its active safety business to auto technology supplier Magna International. $1.53 billion in cash.
“Magna is an appropriate long-term home for Veoneer’s active safety business,” said Veoneer CEO Jacob Svankel.
“The combination of these two businesses creates enduring value and accelerates an already exciting growth trajectory.”
The deal is expected to close around mid-2023, subject to regulatory approval.
Veoneer was spun out of airbag and seat belt maker Autoliv Inc. In 2018, it was acquired by US investment firm SSW Partners and Qualcomm earlier this year. Acquires Veoneer’s Arriver software business.
With Tuesday’s announcement of the sale of its active safety business to Magna, Veoneer said it will continue to find the best long-term home for its restraint control systems business.
Write to Dominic Chopping at dominic.chopping@wsj.com