On March 1, 2024, American Industrial Partners Capital Fund VII (AIP Fund VII) completed the acquisition of Veoneer's Restraint Control Systems business from SSW Partners LP. The deal, initially announced on December 6, 2023, concluded Veoneer's strategic realignment of its core business lines.

Veoneer, a leader in Automotive Safety Electronics, operates in multiple markets including Canada, where it equips vehicles with its advanced safety systems. The company's success is attributed to its dedication to product quality, customer service, and technical innovation. AIP's acquisition aims to foster long-term sustainable growth, benefitting Veoneer's workforce, suppliers, customers, and end-consumers. AIP also has substantial business operations in Canada, focusing on industrial investments and improvements in the Canadian market.

This transaction marks the final stage of Veoneer's strategic divestment, with Arriver™ Software now owned by Qualcomm, Active Safety by Magna International, and Restraint Control Systems by AIP Fund VII.

Evercore and Morgan Stanley & Co. LLC served as financial advisors to Veoneer and SSW. Davis Polk & Wardwell LLP and Eversheds Sutherland LLP provided legal counsel to Veoneer and SSW. Stikeman Elliott LLP and Ropes & Gray LLP acted as legal counsel to AIP, while Baker Botts LLP provided regulatory counsel to all parties involved.