Veoneer proprietor launches sale of $500M passive security unit, document says

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The landlord of car generation corporate Veoneer is promoting its passive security trade, in step with nation common with the condition.

U.S. personal fairness company SSW Companions is operating with advisers to gauge passion within the unit, the nation stated, asking to not be known discussing a personal topic.

The asset, which might fetch up to $500 million, would possibly draw passion from personal fairness corporations and firms within the trade, one of the crucial nation stated.

Veoneer in June finished the sale of its energetic security trade to Magna World. The Stockholm-based provider is now eager about safety-critical electronics and discovering “the best long-term home” for the too much trade, rebranded as Veoneer Protection Techniques, the announcement stated.

SSW started making ready to promote Veoneer extreme pace, Bloomberg Information reported on the presen. The company used to be taking into account dividing the corporate into an active-safety unit and a passive-safety or restraint-control device unit, nation common with the topic have stated.

Deliberations are ongoing and the corporate may come to a decision to not exit with a sale, the nation stated.

A spokesperson for Veoneer declined to remark, era representatives for SSW didn’t instantly reply to demands for remark made right through a vacation.

Veoneer used to be spun off from Autoliv in 2018, then having designed and manufactured digital security merchandise for twenty years, in step with its web site.

In 2021, SSW and Qualcomm introduced an promise to procure Veoneer at a couple of $4.5 billion valuation, with Qualcomm purchasing Veoneer’s Arriver, an autonomous-driving instrument trade, and SSW receiving the residue.

The do business in used to be finished in 2022 and the corporate used to be delisted in Untouched York.

SSW co-founder Josh Steiner is a senior helper at Bloomberg Information father or mother Bloomberg LP.

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