MoatScopeVersigent LtdVGNT
Spin-off from Aptiv PLC (APTV) · Apr 1, 2026 · NYSE
one Versigent ordinary share for every three Aptiv ordinary shares
Documents
Both companies today
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What is being separated
Versigent is Aptiv's former Electrical Distribution Systems business: a global supplier of vehicle architecture solutions — wiring harnesses, connection systems and high-voltage distribution — to automakers building software-defined and electrified vehicles. Aptiv keeps its advanced safety, user experience and signal and power solutions businesses. Versigent took on about $2.1 billion of new debt and paid Aptiv a dividend of roughly $1.9 billion, keeping $400 million of cash.
Stated rationaleAptiv said in January 2025 that separating the lower-growth, capital-intensive wiring business was the logical next step in reshaping its portfolio toward higher-margin technology.
The four questions
Indiscriminate selling
StrongManagement incentives
PartialThe hidden jewel
PartialLeverage
StrongThe write-up
Aptiv distributed Versigent, its former Electrical Distribution Systems business, on April 1, 2026, one Versigent ordinary share for every three Aptiv shares. Versigent supplies wiring harnesses, connection systems and high-voltage distribution to automakers building software-defined and electrified vehicles; in fiscal 2025 it generated $8.8 billion of net sales, $528 million of net income at a 6.0% margin and $670 million of adjusted operating income at a 7.6% margin. Aptiv keeps advanced safety, user experience and signal-and-power solutions. Versigent borrowed about $2.1 billion at separation and paid Aptiv a dividend of roughly $1.9 billion, retaining $400 million of cash.
Not investment advice. Terms are as stated in the latest filing; spin-off shares are often thinly covered and volatile in their first months. Write-up dated Sep 8, 2026.