Baker McKenzie advised Magna International Inc. (Magna), the Canadian-Austrian automotive supplier, on its acquisition of the Swedish Advanced Driver Assistance Systems (ADAS) specialist Veoneer. Veoneer's complementary products and capabilities strengthen and broaden Magna's ADAS portfolio and industry position. Magna is acquiring all shares for USD 31.25 per share in cash. This represents a total value of USD 3.8 billion and an enterprise value of USD 3.3 billion.
An international team of Baker McKenzie attorneys provided legal advice to Magna in selected key jurisdictions, in particular Germany, Canada, France, Italy and Japan, including with the legal due diligence.
"The transaction is a great success for both our client Magna and us. The combined company will be an industry leader in active safety solutions, will enhance its position in complete ADAS systems, and is thus well-positioned for the transition towards higher levels of autonomy", comments Dr. Florian Kästle, lead partner in the transaction.
Veoneer, Inc. is a worldwide leader in automotive technology. Veoneer's purpose is to create trust in mobility. The company designs, develops, and manufactures state-of-the-art software, hardware and systems for occupant protection, advanced driving assistance systems, and collaborative and automated driving to OEMs globally. Headquartered in Stockholm, Sweden, Veoneer has 7,500 employees in 11 countries. In 2020, sales amounted to $1.37 billion.
Magna is more than one of the world’s largest suppliers in the automotive space. Magna is a mobility technology company with a global, entrepreneurial-minded team of 158,000 employees and an organizational structure designed to innovate like a startup. With 60+ years of expertise, and a systems approach to design, engineering and manufacturing that touches nearly every aspect of the vehicle, Magna is positioned to support advancing mobility in a transforming industry. Magna's global network includes 347 manufacturing operations and 84 product development, engineering and sales centres spanning 28 countries.
The global Corporate/M&A team of Baker McKenzie advises on more cross-border transactions than any other law firm. Most recently, Baker McKenzie advised Advent International on the sale of Allnex Group to PTT Global Chemical, Cognizant on the acquisition of the ESG Mobility division from Armira Private Equity, Deutsche Beteiligungs AG on the sale of its DNS:Net stake, TA Associates on the acquisition of a majority stake in IGEL, Embracer on the acquisition of Easybrain Limited, SK Telecom on a joint venture with Deutsche Telekom, Chr. Hansen Holding A/S on its acquisition of Jennewein Biotechnologie GmbH, SAP on the sale of its SAP Digital Interconnect communications unit to Sinch AB, Air Liquide on the sale of the Schülke Group to Swedish financial investor EQT, Bayer AG on the sale of its majority stake in the chemical park operator Currenta and Evonik on the sale of its methacrylate business to Advent International.
Legal advisor to Magna International Inc.:
Corporate/M&A: Dr. Florian Kästle (partner, Frankfurt)
Corporate/M&A: Felix Werner (associate, Frankfurt)
Commercial: Joachim Fröhlich (counsel, Munich)
Employment: Dr. Felix Diehl (senior associate, Frankfurt)
Public Law: Prof. Dr. Ulrich Ellinghaus (partner, Frankfurt), Dr. Andreas Neumann (associate, Frankfurt)