Chipmaker Qualcomm Incorporated and SSW Partners, a New York-based investment firm said Monday that they have reached a definitive agreement to acquire Veoneer, Inc. for $37.00 per share in an all-cash transaction, representing a total equity value for Veoneer of $4.5 billion.

Veoneer has terminated its prior acquisition agreement with Magna International Inc., and canceled its October 19, 2021, special meeting that was previously scheduled to approve that agreement.

At closing, SSW Partners will acquire all of the outstanding capital stock of Veoneer, shortly after which it will sell the Arriver business to Qualcomm and retain Veoneer’s Tier-1 supplier businesses.

SSW Partners’ investment in Veoneer will represent its first capital commitment as a partnership since its founding at the beginning of the year.

“This transaction creates superior value for our shareholders,” said Jan Carlson, Chairman, President and CEO of Veoneer. “It also provides attractive opportunities to our Arriver team at Qualcomm and allows our other businesses to find long-term industrial partners where they can continue to develop.”