The proprietor of automotive know-how firm Veoneer is promoting its passive security enterprise, in line with folks conversant in the state of affairs.
U.S. personal fairness agency SSW Partners is working with advisers to gauge curiosity within the unit, the folks mentioned, asking to not be recognized discussing a personal matter.
The asset, which may fetch as a lot as $500 million, might draw curiosity from personal fairness corporations and firms within the trade, one of many folks mentioned.
Veoneer in June accomplished the sale of its energetic security enterprise to Magna International. The Stockholm-based provider is now targeted on safety-critical electronics and discovering “the best long-term home” for the remaining enterprise, rebranded as Veoneer Safety Systems, the announcement mentioned.
SSW started making ready to promote Veoneer final 12 months, Bloomberg News reported on the time. The agency was contemplating dividing the corporate into an active-safety unit and a passive-safety or restraint-control system unit, folks conversant in the matter have mentioned.
Deliberations are ongoing and the corporate may resolve to not proceed with a sale, the folks mentioned.
A spokesperson for Veoneer declined to remark, whereas representatives for SSW didn’t instantly reply to requests for remark made throughout a vacation.
Veoneer was spun off from Autoliv in 2018, after having designed and manufactured digital security merchandise for 20 years, in line with its web site.
In 2021, SSW and Qualcomm introduced an settlement to accumulate Veoneer at a few $4.5 billion valuation, with Qualcomm shopping for Veoneer’s Arriver, an autonomous-driving software program enterprise, and SSW receiving the remainder.
The deal was accomplished in 2022 and the corporate was delisted in New York.
SSW co-founder Josh Steiner is a senior adviser at Bloomberg News guardian Bloomberg LP.
Source: europe.autonews.com