Aptiv acquires Italian provider of automotive power distribution and connection technologies
Aptiv has entered into a definitive agreement to acquire an 85% equity stake in Intercable Automotive Solutions, a subsidiary of Intercable S.r.l., for EUR 595 million.
Based in Bruneck, Italy with manufacturing facilities in Europe and Asia, Intercable Automotive Solutions is a supplier of high-voltage power distribution and high-precision connection technologies. With over EUR 250 million in 2022 estimated sales, the business designs and manufactures solutions that address complex challenges in vehicle electrification.
The company's 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.
"Intercable Automotive Solutions is an excellent strategic fit with Aptiv's Signal & Power Solutions segment," says Kevin Clark, Chairman and CEO of Aptiv, in a press release. "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."
The Mutschlechner family, who founded Intercable in 1972, will retain 15% ownership interest in the business.
"We are very excited about the opportunities ahead," adds 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 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.