GILLINGHAM, England,
Nov. 13, 2017 /PRNewswire/
-- Delphi Automotive PLC (NYSE: DLPH), a leading global
technology company serving the automotive sector, today announced
its Board of Directors approved the record date, distribution date
and distribution ratio for the spin-off of its Powertrain Systems
segment into a new publicly traded company, Delphi Technologies
PLC. The record date will be as of the close of trading
(New York City time) on
Nov. 22, 2017, and the distribution
date will be at the close of business (New York City time) on Dec. 4, 2017. Following the spin-off, the
remaining company will become Aptiv PLC and change its ticker
symbol to "APTV."
Delphi Automotive shareholders will receive one ordinary share
of Delphi Technologies for every three ordinary shares of Delphi
Automotive held as of the record date, and will receive cash in
lieu of any fractional shares. The spin-off is expected to be
effective at the close of business on Dec.
4, 2017, with 100 percent of the ordinary shares of Delphi
Technologies distributed to Delphi Automotive shareholders.
Delphi Technologies has received authorization to list its
ordinary shares on the New York Stock Exchange (NYSE) under the
symbol "DLPH." Delphi Automotive expects that a "when-issued"
public trading market for Delphi Technologies ordinary shares will
begin on the NYSE on or about Nov. 21,
2017 under the symbol "DLPH WI" and will continue through
the distribution date. Delphi Technologies' ordinary shares are
expected to begin "regular way" trading on the NYSE on Dec. 5, 2017, the first trading day following the
distribution date.
In connection with the spin-off, Delphi Automotive PLC will
change its name to Aptiv PLC and beginning Dec. 5, 2017, its symbol will change to "APTV".
Beginning on or about Nov. 21, 2017
through the distribution date, Delphi Automotive expects that there
will be two ways to trade its ordinary shares, either with or
without the right to a distribution of Delphi Technologies ordinary
shares. Ordinary shares will continue to trade on the NYSE in the
"regular-way" market under the symbol "DLPH" until the distribution
date. It is expected that ordinary shares will also trade without
the right to receive the Delphi Technologies distribution in the
"ex-distribution" market beginning on or about Nov. 21, 2017 under the symbol "APTV WI".
No action is required by Delphi Automotive shareholders to
receive shares of Delphi Technologies in the spin-off.
The spin-off and the distribution of Delphi Technologies
ordinary shares are subject to certain customary conditions,
including the U.S. Securities and Exchange Commission (SEC) having
declared effective Delphi Technologies' registration statement on
Form 10. In addition, the spin-off is subject to conditions set
forth in a Separation and Distribution Agreement between Delphi
Automotive and Delphi Technologies, the form of which is filed as
an exhibit to Delphi Technologies' registration statement on Form
10.
Delphi Automotive shareholders are encouraged to consult with
their financial and tax advisors regarding the consequences of
buying, selling, or holding any securities, including those
described in this news release.
About Delphi
Delphi Automotive PLC is a high-technology company that integrates
safer, greener and more connected solutions for the automotive and
transportation sectors. Headquartered in Gillingham, U.K., Delphi
operates technical centers, manufacturing sites and customer
support services in 46 countries. Visit delphi.com. Following the
spin-off, Aptiv (NYSE: APTV) will comprise the Electronics &
Safety and Electrical/Electronic Architecture segments, focused on
accelerating the commercialization of new mobility
solutions by providing the vehicle 'brain' and the 'nervous
system' to global automotive and new mobility customers. Delphi
Technologies (NYSE: DLPH), the powertrain segment, will leverage
leading technologies and software to enable next-generation
advanced vehicle propulsion systems for global customers, taking
advantage of the industry move to electrification.
Forward-Looking Statements
This press release, as well
as other statements made by Delphi Automotive and Delphi
Technologies, contain forward-looking statements that reflect, when
made, Delphi Automotive's and Delphi Technologies' current views
with respect to current events. Such forward-looking statements are
subject to many risks, uncertainties and factors relating to Delphi
Automotive's and Delphi Technologies' operations and business
environment as well as market conditions, which may cause the
actual results of Delphi Automotive and Delphi Technologies to be
materially different from any future results, express or implied,
by such forward-looking statements. Factors that could cause actual
results to differ materially from these forward-looking statements
are discussed under the captions "Risk Factors" and "Management's
Discussion and Analysis of Financial Condition and Results of
Operations" in Delphi's filings with the Securities and Exchange
Commission and in Delphi Technologies' Form 10 Registration
Statement, as amended. New risks and uncertainties arise from time
to time, and it is impossible for us to predict these events or how
they may affect Delphi Automotive and Delphi Technologies. Delphi
Automotive and Delphi Technologies disclaim any intention or
obligation to update or revise any forward-looking statements,
whether as a result of new information, future events and/or
otherwise, except as may be required by law.
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SOURCE Delphi Automotive PLC