Baker McKenzie advised Magna International Inc. on its acquisition of Veoneer's Active Safety Business from SSW Partners for a purchase price of $1.525 billion. The combined business is projected to generate approximately $3 billion in sales in 2024, positioning Magna's Advanced Driver Assistance Systems ("ADAS") business as a global leader.
The acquisition builds on Magna's strengths in the ADAS business and positions the combined business with extensive products and capabilities to provide customers with a full suite of ADAS solutions. The acquisition adds significant engineering resources and expands Magna's ADAS customer base and geographic diversification.
The transaction is expected to close near mid-year 2023, subject to customary closing conditions.
"The acquisition will enable our client to accelerate and position itself as a leading full-service ADAS provider. With our cross-border team we were able to contribute to the successful signing of the transaction efficiently and seamlessly across the many jurisdictions according to the requirements of the transaction and our client's goals," commented Ulrich Weidemann, co-lead of the transaction.
Veoneer, Inc. is a worldwide leader in automotive technology. 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 6,100 employees in 11 countries. In 2021, sales amounted to $1.657 billion.
Magna is more than one of the world's largest suppliers in the automotive space. The company is a mobility
technology company with a global, entrepreneurial-minded team of 170,000 employees and an organizational structure designed to innovate like a startup. With 65+ years of expertise, and a systems approach to design, engineering and manufacturing that touches nearly every aspect of the vehicle, it is positioned to support advancing mobility in a transforming industry. Its global network includes 345 manufacturing operations and 90 product development, engineering and sales centres spanning 28 countries.
Baker McKenzie's Corporate/M&A regularly advises on domestic and international transactions. Most recently, Baker McKenzie advised, among others, MicroVision on the acquisition (asset deal) of the business of Hamburg based Ibeo Automotive Systems, Trane Technologies on the acquisition of AL-KO Air Technology, Pacoma on the sale to L&P, Deutsche Beteiligungs AG (DBAG) on its investment in vhf Group, VINCI Energies S.A. on the acquisition of parts of Kontron AG, AURELIUS on the acquisition of AGFA Offset Solutions and of Footasylum from JD Sports, FUNKE Digital on the acquisition of Baseplus DIGITAL MEDIA GmbH, Knorr-Bremse AG on the sale of its stake in Haldex AB to SAF-Holland SE, Siemens on the sale of its Commercial Vehicles business to Meritor, Kerry Group plc on the acquisition of c-LEcta, Celanese on the acquisition of DuPont's Mobility & Materials business and Sika AG on the acquisition of the MBCC Group.
Legal advisor to Magna International Inc.:
Baker McKenzie
Lead:
Corporate/M&A: Florian Kästle (M&A, partner, Frankfurt), Ulrich Weidemann (Corporate/M&A, counsel, Frankfurt)
Team:
Corporate/M&A: Kathrin Weber (senior associate, Frankfurt), Andrea Ziegler (partner, Frankfurt), Niklas Wielandt (partner, Frankfurt), Robin Haas (counsel, Munich), Sofie Sternberg (associate, Stockholm), Albin Stalberg (associate, Stockholm)
Commercial & Trade: Johannes Teichmann (partner, Frankfurt), Joachim Fröhlich (counsel, Munich), Brigitte Estner (associate, Munich)
Employment: Felix Diehl (senior associate, Frankfurt), Sebastian Pfrang (associate, Frankfurt), Annika Kissener (associate, Frankfurt)
Public Law: Ulrich Ellinghaus (partner, Frankfurt), Andreas Neumann (senior associate, Frankfurt), Alexander Ehrle (associate, Berlin)
IT: Florian Tannen (partner, Munich), Lennart Reich (associate, Munich)
IP: Dr. Rembert Niebel (Partner, Frankfurt), Lena Weber (associate, Frankfurt)
Banking & Finance: Matthias Töke (counsel, Frankfurt), Philipp Thimm (associate, Frankfurt)
Compliance: Nicolai Behr (partner, Munich), Marleen Ellinger (associate, Munich)