Magna to Buy Veoneer Vehicle Safety Unit for $1.5 Billion

The battle to control Veoneer Inc.'s driver-assistance unit has led to the sale of it to Magna International.

The purchase will complement the Canadian-Austrian automotive supplier's advanced driver-assistance business with combined sales expected to reach $3 billion in twenty four years. Adding engineering resources and expanding the company's customer base is one of the benefits of the cash acquisition.

The chief executive officer said that they plan to accelerate innovation by building on both organizations' strengths.

Carmakers and suppliers have been fine- tuning their approach to self-driving and driver-assistance systems after struggling to deliver meaningful progress on deployment. After pouring billions into the startup, Volkswagen and Ford withdrew their support. The self-driving goals of other carmakers have been missed.

Last year, Veoneer was taken private for $4.5 billion, following a partnership with private equity group S SW. The Arriver software operation was taken by the US chipmaking giant and the rest of the Swedish company was bought by S SW.

An earlier offer from the group was trumped by the new one.

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The auto supplier Veoneer is going to be sold.

The $4 billion Veoneer deal was pre-vailed by Qualcomm.