Page 1

JOINT PRESS RELEASE A MAGNA veoneer MAGNA TO ACQUIRE VEONEER , POSITIONING MAGNA'S ADAS BUSINESS AS A GLOBAL LEADER IN A FAST - GROWING INDUSTRY • • Veoneer's complementary products and capabilities strengthen and broaden Magna's ADAS portfolio and industry position Transaction adds significant engineering and software expertise , including in sensor perception and drive policy software Enhances Magna's ADAS systems capabilities and feature functionality AURORA , Ontario , Canada and STOCKHOLM , Sweden -- July 22 , 2021 – Magna International Inc. ( TSX : MG ; NYSE : MGA ) and Veoneer ( NYSE : VNE ; SSE : VNE SDB ) today announced that they have entered into a definitive merger agreement under which Magna will acquire Veoneer , a leader in automotive safety technology . Pursuant to the agreement , Magna will acquire all of the issued and outstanding shares of Veoneer for $ 31.25 per share in cash , representing an equity value of $ 3.8 billion , and an enterprise value of $ 3.3 billion , inclusive of Veoneer's cash , net of debt and other debt - like items as of March 31 , 2021 . The The acquisition builds on Magna's strengths and positions the company's advanced driver assistance systems ( " ADAS " ) business as a global leader with comprehensive capabilities . acquisition also expands Magna's ADAS business with major customers and provides access to new customers and regions , including in Asia . Magna expects to operate Veoneer's ArriverTM sensor perception and drive policy software platform as an independent business unit , consistent with Veoneer's current practice . In addition , Magna will acquire Veoneer's leading global position in restraint control systems . Magna's ADAS business positioned to be a global leader with acquisition of Veoneer MAGNA TO ACQUIRE VEONEER , POSITIONING MAGNA'S ADAS BUSINESS AS A GLOBAL LEADER IN A FAST - GROWING INDUSTRY CONNECT WITH MAGNA 1 inf