Baker McKenzie advised Magna International Inc. on the completion of its acquisition of Veoneer's Active Safety Business from SSW Partners. The combined business is projected to generate more than $3 billion in sales in 2024.
With the completion of this acquisition, Magna further strengthens its active safety business, and it positions Magna as one of a few suppliers equipped to tackle the increasing complexity coming from advanced software, system and integration challenges by delivering a complete set of offerings to customers. The combined business builds a more comprehensive active safety portfolio across all relevant sensors, central computer systems and software solutions for Magna in one of the fastest growing market segments in automotive.
"This strategic acquisition will enable our client Magna to provide even more options and advanced solutions to a broader range of customers. With our cross-border team consisting of about 90 lawyers in this transaction we were able to contribute to the successful completion of the transaction efficiently and seamlessly across many jurisdictions according to the requirements of the transaction and our client's goals," commented Ulrich Weidemann, co-lead of the transaction.
Magna is more than one of the world’s largest suppliers in the automotive space. Magna is a mobility technology company with a global, entrepreneurial-minded team of over 171,000 employees and an organizational structure designed to innovate like a startup. With 65+ years of expertise, and a systems approach to design, engineering and manufacturing that touches nearly every aspect of the vehicle, Magna is positioned to support advancing mobility in a transforming industry. Magna's global network includes 341 manufacturing operations and 88 product development, engineering and sales centers spanning 29 countries.
Baker McKenzie's Corporate/M&A regularly advises on domestic and international transactions. Most recently, Baker McKenzie advised Sika AG on the acquisition of the MBCC Group to Cinven, AURELIUS on the acquisition of LSG Group from Deutsche Lufthansa AG, Nokian Tyres plc on the sale of its Russian business to Tatneft PJSC, First Solar on the sale of its global O&M business to NovaSource, Fluidra on the acquisition of Meranus Group, Magna in its acquisition of the Veoneer Active Safety business, MicroVision in its acquisition of the business of Hamburg-based Ibeo Automotive Systems, Trane Technologies in its acquisition of AL-KO Air Technology, Pacoma in its sale to L&P, Deutsche Beteiligungs AG (DBAG) in its investment in the vhf Group, VINCI Energies S. A. in its acquisition of parts of Kontron AG, AURELIUS in its acquisition of AGFA Offset Solutions and of Footasylum from JD Sports, and FUN-KE Digital in its acquisition of Baseplus DIGITAL MEDIA GmbH.
Legal advisor to Magna International Inc.:
Baker McKenzie
Lead:
Corporate/M&A: Ulrich Weidemann (Corporate/M&A, counsel, Frankfurt), Florian Kästle (M&A, partner, Frankfurt)
Team (Germany):
Corporate/M&A: Kathrin Weber (senior associate, Frankfurt), Jeneka Manoharan (associate, Frankfurt), Niklas Wielandt (partner, Frankfurt)
Employment: Felix Diehl (senior associate, Frankfurt)
IT: Florian Tannen (partner, Munich), Lennart Reich (associate, Munich)