Qualcomm Inc and SSW Partners have agreed to purchase Veoneer, a Swedish automotive technology company, for $4.5 billion, Veoneer announced on Monday.

Veoneer's competence in advanced driver assistance systems (ADAS) makes it a desirable acquisition target for Qualcomm and Magna of Canada.

Qualcomm sought to purchase Veoneer in August for an 18.4 percent premium over Magna's $3.8 billion offer, which had previously been accepted by Veoneer's board.

Qualcomm made the offer after signing a partnership agreement with Veoneer in January 2021 to develop Arriver, a software and technology platform for driver-assistance systems.

According to Veoneer's announcement, Qualcomm and SWW Partners, a newly-founded investment group located in New York, would purchase the company for $37 per share in cash.

SSW Partners will purchase all outstanding shares of Veoneer under the unique deal structure, then lead a process to find a strategic buyer for Veoneer's Tier-1 supplier businesses, such as restraint control systems (RCS) and active safety, while selling the Arriver company to Qualcomm.

"This transaction structure enables all Veoneer's enterprises' long-term development," Veoneer stated.

Magna was also interested in acquiring Veoneer as it competes with ADAS companies like Aptiv, Bosch, and continental.

Magna's previous acquisition deal with Veoneer had been cancelled, according to Veoneer. Magna said in a separate statement that Veoneer will pay it a $110 million termination fee.

Veoneer's Stockholm-listed shares, which were split off from airbag and seatbelt producer Autoliv in 2018, gained 4.33 percent to 313.4 crowns ($35.91) at the closing.