Delphi Automotive PLC announced that its board of directors has 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 effective as of the close of trading on Nov. 22, and the distribution date will be at the close of business on Dec. 4. 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, 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, 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, the first trading day following the distribution date.
Beginning on or about Nov. 21, through the distribution date, Delphi Automotive expects 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 also will 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.
Delphi Automotive PLC also announced that Frank Dellaquila and Colin Parris have been named to the Aptiv board of directors, effective with the final date of the spin-off.
Dellaquila and Parris bring strong credentials and experience to the Aptiv board. Dellaquila is a seasoned financial executive with extensive knowledge of global publicly traded companies. He provides the board significant enterprise risk management and financial expertise. Parris has an extensive technology background with a current focus on data and industry.
Dellaquila is the senior executive vice president and chief financial officer of Emerson Electric Co., a global technology and engineering company. Previously, he held other executive positions at Emerson, which he joined in 1991. Dellaquila received a bachelor’s degree in accounting from Fordham University and a master’s degree in business administration from Columbia University.
Parris is vice president, GE Software Research for the General Electric Co., a position he has held since 2014. Prior to joining GE, he spent two decades at IBM in a variety of executive roles, serving most recently as vice president, systems research in the IBM T.J. Watson Research Division and general manager for IBM’s Power Systems business. Parris received a bachelor’s degree in electrical engineering from Howard University, master’s degrees in electrical engineering and computer science from the University of California, Berkley, as well as in management from Stanford University. He also received a doctorate in electrical engineering from the University of California, Berkley.
“Frank and Colin bring tremendous knowledge and capability to the Aptiv board,” said Rajiv Gupta, Delphi Automotive chairman of the board and incoming Aptiv PLC chairman. “Frank and Colin will help guide Aptiv toward the commercialization of new mobility solutions.”