Versigent (VGNT) Registration filing summary

Company overview and business model

• Global leader in design, development, and manufacture of low and high voltage electrical architectures for vehicles, serving OEMs in automotive, commercial, and adjacent markets.

• Operates 59 manufacturing facilities and six technical centers worldwide, with a regional service model focused on cost efficiency and supply chain resiliency.

• Diverse customer base includes nine of the top ten global OEMs, with 43% of revenue from the Americas, 33% from Asia Pacific, and 24% from EMEA in 2025.

• Business strategy centers on expanding leadership in core markets, driving innovation, entering adjacent markets, and leveraging a lean cost structure.

• Competitive strengths include global scale, strong engineering, long-standing customer relationships, and a flexible manufacturing footprint.

Financial performance and metrics

• 2025 net sales reached $8.8 billion, with net income attributable to Versigent of $528 million (6.0% margin) and adjusted operating income of $670 million (7.6% margin).

• Adjusted operating income margin improved from 6.9% in 2024 to 7.6% in 2025, driven by operational performance and volume growth.

• Cash and cash equivalents at year-end 2025 were $276 million, with total assets of $4.6 billion.

• Net cash provided by operating activities was $641 million in 2025, with capital expenditures of $160 million.

• Anticipates $2.1 billion in debt post-spin, including a $500 million term loan and $1.6 billion in senior unsecured notes.

Use of proceeds and capital allocation

• Proceeds from new debt will fund a $1.94 billion dividend to Aptiv, with Versigent retaining $400 million in cash post-spin.

• Capital allocation priorities include funding organic and inorganic growth, maintaining a strong balance sheet, and returning capital to shareholders via dividends and potential share repurchases.

• Access to an $850 million senior secured revolving credit facility for additional liquidity.