Aptiv PLC, a global technology company focused on making mobility safer, greener and more connected, announced a definitive agreement to acquire an 85% equity stake in Intercable Automotive Solutions, a subsidiary of Intercable S.r.l., for €595 million, subject to customary post-closing adjustments.
Based in Bruneck, Italy with manufacturing facilities in Europe and Asia, Intercable Automotive Solutions is an industry leader and pioneer in high-voltage power distribution and high-precision connection technologies. With over €250 million in 2022 estimated sales, the business designs and manufactures innovative solutions that address the most complex challenges in vehicle electrification. Their product portfolio includes seven generations of high-voltage busbar technology, solid-state electrical centers, battery cell interconnect systems, and other high-voltage power distribution solutions. Leveraging Intercable’s highly automated manufacturing processes, innovative product design, and strategic relationships with key European automotive OEMs, Aptiv will enhance its position as a global leader in vehicle architecture systems.
“Intercable Automotive Solutions is an excellent strategic fit with Aptiv’s Signal & Power Solutions segment,” said Kevin Clark, Chairman and CEO of Aptiv. “The combination strengthens our position as a full system supplier for electric vehicle manufacturers. In addition, Intercable’s differentiated technology design and manufacturing capabilities enable a more efficient and cost-effective vehicle assembly operation for our customers.”
“We are very excited about the opportunities ahead,” said Intercable’s CEO, Klaus Mutschlechner, who will continue to lead Intercable Automotive Solutions in his current role. “Joining forces with Aptiv will enable us to bring our advanced products and technologies to customers around the world by leveraging their extensive scale and global reach.” The Mutschlechner family, who founded Intercable in 1972, will retain 15% ownership interest in the business.
The transaction is subject to regulatory approval and other customary closing conditions and is expected to close before the end of 2022. Upon completion of the transaction, Intercable Automotive will operate as a stand-alone business unit within Aptiv’s Signal & Power Solutions segment. The transaction is expected to be accretive to EPS in 2023.
