Balanced News: Magna International buying Veoneer Active Safety business for $1.525 bln

Magna International Inc. MGA, -0.07% MG, -0.42% said Tuesday it agreed to pay $1.525 billion in cash for the Veoneer Active Safety business from seller SSW Partners, a New York-based investment partnership. Magna International plans to combine Veoneer Active Safety with its advanced driver assistance systems (ADAS) unit to create a business with expected sales of $3 billion in 2024. Veoneer Active Safety sales are expected to increase to about $1.9 billion in 2024 from about $1.1 billion in 2022.