Qualcomm Inc. QCOM +1.24% is teaming with an investment firm to further its autonomous-driving ambitions, snatching Swedish auto-technology company Veoneer Inc. VNE -1.19% from a competing bidder in a $4.5 billion takeover.

Qualcomm, which is best known for its chips that go into hundreds of millions of cellphones, said the investment firm, SSW Partners, would acquire Veoneer for $37 a share and then sell the Stockholm company’s Arriver sensor and driving software platform to Qualcomm.

The deal plucks Veoneer from Canadian automotive supplier Magna International Inc. MGA +0.80% after Magna in July agreed to buy Veoneer for $31.25 a share to bolster its own autonomous-driving efforts.
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