Magna closes buy of Veoneer’s active safety unit from SSW Partners

• The purchase price was previously disclosed as $1.525 billion
• Magna said the acquisition will broaden its active safety portfolio and increase the scale of its sensor, software and systems engineering capabilities
• SSW Partners acquired Veoneer in April 2022

Magna International has completed its acquisition of the active safety business of Veoneer, a Stockholm, Sweden-based automotive technology company, from SSW Partners.

The purchase price was previously disclosed as $1.525 billion in cash.

Based in Aurora, Ontario, Magna is an automotive parts manufacturer. In a statement, the company said the acquisition will broaden its active safety portfolio and increase the scale of its sensor, software and systems engineering capabilities.

Magna said it will also benefit from an expanded geographic footprint and customer reach in key automotive regions around the world with nine facilities and 30 sales locations dedicated to active safety.

The combined business is expected to generate more than C$3 billion in sales in 2024.

“Adding experienced talent and complementary capabilities to our strong foundation in active safety is core to our strategy of bringing more horsepower to this growing market,” said Magna CEO Swamy Kotagiri. “This strategic move enables us to provide even more options and advanced solutions to a broader range of customers.”

SSW Partners is a New York-based private investment firm. In April 2022, it acquired Veoneer in an all-cash deal representing a total equity value of $4.6 billion.