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Aptiv Versigent Spin Off And $1.6b Notes Reframe Valuation Story
Aptiv (NYSE:APTV) has confirmed plans to spin off its Electrical Distribution Systems segment into a new, independent public company called Versigent.
The separation will be accompanied by a private offering of $1.6b in senior notes and a sizeable cash tender offer linked to completion of the spin off.
The transaction is structured to give existing Aptiv shareholders stock in Versigent once the spin off is completed.
Aptiv, currently trading at $72.85, is moving ahead with a major reshaping...