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Technology Stocks : NVIDIA Corporation (NVDA)
NVDA 145.14+3.5%9:30 AM EST
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From: Frank Sully10/11/2021 8:02:38 AM
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Qualcomm snaps up self-driving software provider to poach business from Nvidia

The semiconductor company seals a deal to acquire part of Veoneer, beating out auto parts supplier Magna.

BY CHRISTIAAN HETZNER

October 04, 2021

Chipmaker Qualcomm took its boldest step yet in the race to develop self-driving technology, swooping in to snag a prized asset out from under the nose of a major auto parts supplier.

Qualcomm and New York–based private equity firm SSW Partners agreed to acquire Veoneer in a deal that values the Swedish componentry manufacturer’s shares at $4.5 billion in total, an 18% premium over the July offer from rival North American bidder Magna.

Best known for its dominance in smartphone chips, Qualcomm aims to carve out the prime piece for itself: Veoneer’s self-driving software development unit, Arriver, as part of a plan to best rivals like Nvidia. The leftovers will go to SSW Partners, which intends to sell off the remaining assets over time to competitors.

fortune.com
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