Magna International Inc.; Veoneer, Inc.: Magna to Acquire Veoneer, Positioning Magna s ADAS Business as a Global Leader in a Fast-Growing Industry
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 and STOCKHOLM, Sweden, July 22, 2021 (GLOBE NEWSWIRE) 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.
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Magna
is more than one of the world s largest suppliers in the automotive space. We are a mobility technology company with a global, entrepreneurial-minded team of 158,000 employees and an organizational structure designed to innovate like a startup. With 60+ years of expertise, and a systems approach to design, engineering and manufacturing that touches nearly every aspect of the vehicle, we are positioned to support advancing mobility in a transforming industry. Our global network includes 347 manufacturing operations and 84 product development, engineering and sales centers spanning 28 countries. For further information about Magna [(NYSE:MGA; TSX:MG)], please visit
Magna Forward-Looking Statements
ABOUT MAGNA
Magna is more than one of the world’s largest suppliers in the automotive space. We are a mobility technology company with a global, entrepreneurial-minded team of 158,000 employees and an organizational structure designed to innovate like a startup. With 60+ years of expertise, and a systems approach to design, engineering and manufacturing that touches nearly every aspect of the vehicle, we are positioned to support advancing mobility in a transforming industry. Our global network includes 347 manufacturing operations and 84 product development, engineering and sales centres spanning 28 countries.
For further information about Magna [(NYSE: MGA; TSX: MG)], please visit www.magna.com or follow us on Twitter @MagnaInt.
Magna International Inc.: Magna Announces First Quarter 2021 Results
Global light vehicle production was up 18% driven by an 87% increase in China
Income from operations before income taxes increased 109%
Adjusted EBIT was up 91%
Diluted earnings per share and adjusted diluted earnings per share increased 136% and 116%, respectively
Increased 2021 outlook to reflect modestly higher sales and Adjusted EBIT margin expectations
AURORA, Ontario, May 06, 2021for full first quarter Financial Statements and MD&A.
THREE MONTHS ENDED
$
0.86
All results are reported in millions of U.S. dollars, except per share figures, which are in U.S. dollars
(1) Adjusted EBIT and Adjusted diluted earnings per share are Non-GAAP financial measures that have no standardized meaning under U.S. GAAP, and as a result may not be comparable to the calculation of similar measures by other companies. A reconciliation of these Non-GAAP financial measures is included in the back of this press release.
Magna International Inc.: Magna Announces 2021 Annual Meeting Results
AURORA, Ontario, May 06, 2021 (GLOBE NEWSWIRE) Magna International Inc. (TSX: MG; NYSE: MGA) today announced voting results from its 2021 annual meeting of shareholders held on May 6, 2021. A total of 242,383,350 Common Shares or 80.43% of our issued and outstanding Common Shares were represented in person or by proxy at the meeting. Shareholders voted in favour of each item of business, as follows:
a. Election of Directors
Item
%
Based on the voting results, each of the 12 nominees was elected with a substantial majority. Similarly, Deloitte was reappointed as Magna s independent auditors and the Say on Pay resolution was approved, in each case by a substantial majority. Detailed voting results are included as Appendix A to this press release.