Chipmaker Qualcomm Inc (QCOMM) shifted gears and overtook direct competitor Magna (MGA) in acquiring the Swedish automotive tech group Veoneer (VNE). It's quite appropriate to talk about "shifting gears," as Qualcomm will help Veoneer produce advanced driver assistance systems. Qualcomm was able to snatch the deal by offering an 18.4% premium to a July bid worth around $3.8b by Magna. The joint effort with a newly founded investment firm named SSW Partners helped Qualcomm secure the necessary funds to complete Veoneer's takeover for $4.5b. Qualcomm and SSW Partners will acquire the Swedish company for $37 per share in cash.  

The deal comes after Qualcomm agreed to collaborate with Veoneer to develop a software and chip platform system for the upcoming "Arriver" driver assistance back in January. It should come as no surprise then that Qualcomm had its eyes set on Veoneer for a while (hint, hint Magna). Veoneer will now have to pay Magna a termination fee of $110m after it accepted its initial offer back in July.