SSW Partners made an offer to acquire Veoneer, Inc. (NYSE:VNE) for $4.2 billion on August 5, 2021. SSW Partners offered $37 per share in cash for Vioneer. SSW Partners reached a definitive agreement to acquire Veoneer, Inc. on October 4, 2021. Qualcomm having sufficient funds and available borrowing capacity under existing facilities to fund the acquisition. 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 will work with Veoneer's management to ensure the pursuit of Veoneer's existing business plan and to identify strong, long-term strategic partners for the Restraint Control Systems (RCS) and Active Safety businesses. On consummation of the merger, Veoneer will be de-listed from the New York Stock Exchange and de-registered under the Securities Exchange Act of 1934 as soon as practicable following the Effective Time. In case of termination, Offeror will pay $225 million to Veoneer and Veoneer will pay $110 million to the Offeror as termination fees. Jacob Svanberg, currently Senior Vice President Lidar Product Area and Corporate Development will be appointed as the new Chief Executive Officer of Veoneer. Jan Carlson, Veoneer's Chairman, President & Chief Executive Officer will leave his operational and Board roles in Veoneer and be appointed Advisor to the Board and Chief Executive Officer. Veoneer has appointed Jacob Svanberg as new CEO to replace Jan Carlson who has reportedly resigned voluntarily.

The transaction is subject to antitrust as applicable, under the antitrust laws of the European Union, Canada, China and South Korea and investment screening laws of France, Germany and Italy and regulatory approval. As of August 9, 2021, Veoneer's board of directors has determined that SSW's proposal to acquire Veoneer would reasonably be expected to result in a Superior Proposal. As of October 4, 2021, the transaction is pending regulatory approvals including under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 in the United States, certain European foreign direct investment approvals, approval by Veoneer stockholders and other customary conditions. As of September 13, 2021, the merger agreement with Magna remains in full force and effect, and the board of directors of Veoneer has not withdrawn or modified its recommendation that the stockholders of Veoneer vote in favor of the approval of the merger, the merger agreement and the transactions contemplated thereby. As of October 4, 2021, the transaction has been unanimously approved by the boards of directors of Veoneer and SSW. A special meeting of the shareholders of Veoneer is scheduled on December 16, 2021. As of December 16, 2021, the shareholders of Veoneer have approved the transaction. Veoneer board announced that SSW Partners offer constitutes a Superior Proposal. By the end of January 2022, the transaction had received the required regulatory approvals in the United States, Germany, France and Italy. In addition, SSW and Qualcomm are consulting other regulators regarding the merger. The Merger shall not have been consummated on or before April 23, 2022. The transaction is expected to close in 2022. As of February 4, 2022, transaction is expected to be completed in April 2022. As of March 24, 2022, the transaction is expected to close on April 1, 2022.

Morgan Stanley & Co., with a fee of $28.1 million and Rothschild & Co US, with a fee of $28.2 million acted as a financial advisors and fairness opinion providers and Stephen F. Arcano, Jose A. Esteves, Berit R. Freeman, Dohyun Kim, Steven J. Matays, Kenneth B. Schwartz, Yan Shurin, Stephanie L. Teicher, Yossi Vebman, B. Chase Wink and Michael J. Zeidel of Skadden, Arps, Slate, Meagher & Flom LLP acted as legal advisors to Veoneer. George R. Bason, Jr. and William H. Aaronson of Davis Polk & Wardwell LLP acted as legal advisors to SSW Partners. Roschier acted as legal advisor to Veoneer. Georgeson LLC acted as the information agent to Veoneer and will receive a fee of $25,000 for its services. John Taladay, Catriona Hatton, Stacy Turner, David Cardwell, Taylor Owings, Paul Lugard, Michael Bodosky, David Strain, David Archer of Eric Wieder of Baker Botts L.L.P acted as legal advisor to SSW Partners LP.

SSW Partners completed the acquisition of Veoneer, Inc. (NYSE:VNE) on April 1, 2022.