Aptiv Plc (NYSE: APTV) plans to separate its Electrical Distribution Systems business into a separate publicly traded company, Versigent Limited, via a tax-free spin-off. The spin-off is targeted for completion on April 1, 2026, and represents a strategic realignment of Aptiv into two focused investment platforms. Versigent will emerge as a leading provider of low and high voltage electrical architectures for automotive market, while the parent (new Aptiv) will focus on higher growth, higher margin intelligent systems and engineered components. The transaction is designed to unlock value, improve strategic clarity, and create differentiated investment profiles aligned to distinct end-market dynamics.
What’s Changing?
Post-spin, New Aptiv will focus on Intelligent Systems and Engineered Components, spanning ADAS, software-defined vehicles, sensing, compute, connectivity, and growing non-automotive applications such as robotics and aerospace. These segments carry structurally higher margins and longer-cycle growth drivers tied to vehicle electrification, autonomy, and software content.
Versigent, by contrast, will emerge as a pure-play global leader in low- and high-voltage electrical architectures including wiring harnesses, EV high-voltage cables, and power distribution systems, serving nine of the world’s top ten OEMs. Its business is more capital-intensive and cyclical.
Financial Snapshot (Pro Forma)
New Aptiv (ex-Versigent): generated revenue of $12.4 billion and adjusted EBITDA of $2.3 billion in FY 2025.
Versigent: reported net sales of $8,818 million, with an adjusted EBITDA of $911 million in FY 2025.
Valuation Takeaway
GSBR Research values Aptiv on a sum-of-the-parts basis, applying an 8.0× EV/EBITDA multiple to New Aptiv and a more conservative 6.0× multiple to Versigent. This results in an implied fair value of $104 per Aptiv share, highlighting meaningful upside from current levels as the spin unlocks valuation transparency.
Read the full institutional-grade Spin-Off Analysis, including detailed financial forecasts, peer benchmarking, and SOTP valuation:
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