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Versigent Spin-Off And Debt Tender Could Be A Game Changer For Aptiv (APTV)
Aptiv’s board has approved the spin-off of its Electrical Distribution Systems business into a new, independent public company called Versigent, and its subsidiary Aptiv Swiss Holdings has launched a cash tender offer of up to US$1.35 billion for outstanding notes, contingent on completing the separation and receiving at least US$1.70 billion in special dividends from Versigent.
By pairing the Versigent spin-off with new bond issuances and a sizable tender offer, Aptiv is actively reshaping...