Qualcomm's Autonomous Vehicle Segment Just Got a Big Boost
Mobile chip leader Qualcomm (NASDAQ: QCOM) just announced that it completed the acquisition of Arriver, the autonomous vehicle software segment of Veoneer. This acquisition is a big deal for Qualcomm, which is best known for its smartphone chips. The addition of the Arriver business segment will deepen Qualcomm's relationships with automakers, and the company now has a $13 billion automotive design-win pipeline.
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Qualcomm worked with private equity group SSW Partners to arrange the deal, outbidding automotive industry supplier Magna (NYSE: MGA) for Veoneer late in 2021. The deal was closed on April 1. SSW Partners purchased Veoneer for $4.6 billion, and is now selling the Arriver segment of Veoneer back to Qualcomm. The other Veoneer segments will continue to collaborate closely with Qualcomm. Investors can expect the more specific financial details of the Arriver purchase to be discussed at the company's next quarterly earnings update on April 27.
Source Fool.com
