Aptiv Broadens Portfolio Of High-Voltage System Solutions Via Acquisition Of This Italian Company

Aptiv PLC (NYSE: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.
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