Aptiv and Hyundai Complete Motional Ownership Restructuring
May 16 2024 - 9:00AM
Business Wire
Aptiv PLC (NYSE: APTV), a global technology company focused on
making mobility safer, greener and more connected, and Hyundai
Motor Group (“Hyundai”) have completed the previously announced
ownership restructuring transactions of Motional AD LLC
(“Motional”).
As part of the ownership restructuring, Aptiv sold an 11% common
equity interest in Motional to Hyundai for approximately $448
million of cash consideration. Aptiv also exchanged approximately
21% of its common equity in Motional for a like number of Motional
preferred shares.
In addition to Hyundai’s funding of Motional earlier this month,
these transactions resulted in the reduction of Aptiv’s common
equity interest in Motional from 50% to 15%.
About Aptiv
Aptiv PLC is a global technology company that develops safer,
greener and more connected solutions enabling a more sustainable
future of mobility. Visit aptiv.com.
Forward-Looking Statements
This press release, as well as other statements made by Aptiv
PLC (the “Company”), contain forward-looking statements that
reflect, when made, the Company’s current views with respect to
current events, certain investments and acquisitions and financial
performance. Such forward-looking statements are subject to many
risks, uncertainties and factors relating to the Company’s
operations and business environment, which may cause the actual
results of the Company to be materially different from any future
results. All statements that address future operating, financial or
business performance or the Company’s strategies or expectations
are forward-looking statements. Factors that could cause actual
results to differ materially from these forward-looking statements
include, but are not limited to, the following: global and regional
economic conditions, including conditions affecting the credit
market; global inflationary pressures; uncertainties created by the
conflict between Ukraine and Russia, and its impacts to the
European and global economies and our operations in each country;
uncertainties created by the conflicts in the Middle East and their
impacts on global economies; fluctuations in interest rates and
foreign currency exchange rates; the cyclical nature of global
automotive sales and production; the potential disruptions in the
supply of and changes in the competitive environment for raw
material and other components integral to the Company’s products,
including the ongoing semiconductor supply shortage; the Company’s
ability to maintain contracts that are critical to its operations;
potential changes to beneficial free trade laws and regulations
such as the United States-Mexico-Canada Agreement; changes to tax
laws; future significant public health crises; the ability of the
Company to integrate and realize the expected benefits of recent
transactions; the ability of the Company to attract, motivate
and/or retain key executives; the ability of the Company to avoid
or continue to operate during a strike, or partial work stoppage or
slow down by any of its unionized employees or those of its
principal customers; and the ability of the Company to attract and
retain customers. Additional factors are discussed under the
captions “Risk Factors” and “Management’s Discussion and Analysis
of Financial Condition and Results of Operations” in the Company’s
filings with the Securities and Exchange Commission. New risks and
uncertainties arise from time to time, and it is impossible for us
to predict these events or how they may affect the Company. It
should be remembered that the price of the ordinary shares and any
income from them can go down as well as up. Aptiv disclaims 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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