Qualcomm announced today that the company has submitted an all-cash transaction at a price of $37 per share to acquire Vininger. The offer has been approved by Qualcomm’s board of directors, without the approval of Qualcomm’s shareholders, and does not involve financing conditions.
This proposed acquisition is in line with Qualcomm’s business growth and diversification strategy, strengthens the company’s commitment to provide advanced technology to the automotive industry, and is a natural extension of Qualcomm’s digital chassis solutions. Qualcomm’s automotive business is developing strongly, with a total order value of approximately US$10 billion at present.
An Meng, President and CEO of Qualcomm, said: “As the automotive industry continues to deepen reforms, it is increasingly important for automakers to have partners with horizontal platform development capabilities. Horizontal platforms can help promote innovation and promote competition. The proposed acquisition aims to integrate Qualcomm’s industry-leading automotive solutions and Wenninger’s assisted driving resources, enabling us to provide automotive manufacturers and tier-one suppliers with competitive openness in a large-scale manner. Advanced Driver Assistance System (ADAS) platform.”
Transaction certainty and timetable
Qualcomm will use the company’s existing cash resources as transaction funds, so this offer is not subject to any financial contingency terms or conditions. The offer has been unanimously approved by Qualcomm’s board of directors, and Qualcomm’s shareholders’ approval is not required.
Qualcomm is ready to start the special due diligence process immediately and expects to complete the process soon. Although Qualcomm does not believe that this offer has major regulatory approval-related concerns, Qualcomm will accept the same regulatory provisions as the Magna agreement, and is expected to provide a wider range of regulatory-related delivery protection provisions after the due diligence is completed . Qualcomm believes that its offer to Winner shareholders provides greater value and transaction certainty.