Canadian auto supplier Magna International Inc. said on Thursday it will buy Swedish rival Veoneer Inc. for about $3.8 billion in cash, in a deal that would help expand its driver assistance technologies business.
Magna will buy out Veoneer’s outstanding shares for $31.25 each, and the acquisition represents an enterprise value of $3.3 billion including debt, the companies said in a joint statement.
Veoneer’s market value was $2.23 billion based on its latest closing price, according to Refinitiv Eikon data. The shares closed at $19.93 on Thursday.
