Qualcomm Inc (QCOM.O) and SSW Partners have agreed to buy Veoneer (VNE.N), 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 International of Canada (MG.TO).

Qualcomm sought to buy Veoneer in August for an 18.4 percent premium over Magna’s $3.8 billion offer, which had already been accepted by Veoneer’s board. Qualcomm made the proposal after signing a collaboration agreement with Veoneer in January 2021 to develop Arriver, a software and silicon platform for driver-assistance systems. According to Veoneer’s statement, Qualcomm and SWW Partners, a newly-founded investment entity based in New York, will buy the company for $37 per share in cash.

SSW Partners will buy all outstanding shares of Veoneer under the unusual 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.

Magna’s previous acquisition agreement with Veoneer had been canceled, according to Veoneer. Magna said in a separate statement that Veoneer will pay it a $110 million termination fee. Veoneer’s shares, which were spun out from airbag and seatbelt manufacturer Autoliv (ALV.N) in 2018, climbed 4.33 percent to settle at 313.4 crowns ($35.91).