Qualcomm Technologies has entered the bidding war for Swedish automotive technology company Veoneer. Following a $3.8 billion bid by Magna International to acquire Veoneer, Qualcomm announced Thursday that it’s willing to pay $4.6 billion, or $37 per share, to buy Veoneer to bolster its growth and diversification strategy.
Qualcomm said it continues to see traction in its automotive segment, with “a revenue-design win pipeline of approximately $10 billion”. In a letter to Veoneer’s board of directors, Qualcomm said that together, the companies could gain a foothold in the Advanced Driver Assistance Systems (ADAS) market.
“As the automotive industry continues to