Aptiv (NYSE:APTV) – Aptiv Broadens Portfolio Of High-Voltage System Solutions Via Acquisition Of This Italian Company

  • Aptiv PLC APTV said it has entered into a definitive agreement to acquire an 85% equity stake in Intercable Automotive Solutions, a subsidiary of Intercable S.r.l., for €595 million.
  • The Mutschlechner family, who founded Intercable in 1972, will retain a 15% ownership interest in the business.
  • Based in Italy, Intercable Automotive Solutions specializes in high-voltage power distribution and high-precision connection technologies.
  • Intercable, with manufacturing facilities in Europe and Asia, has over €250 million in 2022 estimated sales.
  • “The combination strengthens our position as a full system supplier for electric vehicle manufacturers,” said Kevin Clark, Chairman and CEO of Aptiv. 
  • The transaction is expected to close before the end of 2022 and will be accretive to APTV’s EPS in 2023.
  • Upon completion of the transaction, Intercable Automotive will operate as a stand-alone business unit within Aptiv’s Signal & Power Solutions segment. 
  • Intercable’s CEO, Klaus Mutschlechner, will continue to lead Intercable Automotive Solutions in his current role.
  • Aptiv held $4.7 billion in cash and equivalents as of June 30, 2022.
  • Price Action: APTV shares are trading lower by 0.01% at $99.74 in premarket on the last check Tuesday.
  • Photo Via Company

Image and article originally from www.benzinga.com. Read the original article here.