The deal is expected to add to Magna’s sensor and full systems capabilities and add 2,200 engineers for systems, software and sensor development
said on Tuesday it had agreed to buy Veoneer Active Safety business from investment firm SSW Partners for $1.53-billion in cash to bolster its portfolio of self-driving technology.
The deal is expected to add to Magna’s sensor and full systems capabilities, including radar, camera and driver monitoring, and add 2,200 engineers for systems, software and sensor development. Veoneer Active Safety sales are projected to be about $1.1-billion in 2022 and increase to about $1.9-billion in 2024.
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