Versigent (VGNT) Registration filing summary

Company overview and business model

• Designs and manufactures low and high voltage electrical architectures for vehicles, serving global OEMs and adjacent markets like agriculture and infrastructure.

• Operates 59 manufacturing facilities and six technical centers worldwide, with a regional service model and a workforce of 138,000.

• Focuses on electrification, software-defined vehicles, and feature-rich automotive solutions, leveraging a portfolio of ~700 patents.

• Sells to over 50 customers in 30+ countries, including nine of the top ten global OEMs.

Financial performance and metrics

• 2025 net sales: $8.8 billion; net income: $528 million (6.0% margin); adjusted operating income: $670 million (7.6% margin).

• 2025 cash from operations: $641 million; capital expenditures: $160 million.

• 2025 cost of sales: $7.7 billion; SG&A: $419 million; restructuring costs: $86 million; separation costs: $42 million.

• 2025 effective tax rate: (1)%, impacted by Swiss tax residency and global tax reforms.

• 2025 R&D expenses: $274 million, with 15–20% co-investment from OEMs and government agencies.

Use of proceeds and capital allocation

• Pro forma cash at separation: $763 million; expected to incur $500 million in term loan debt and additional senior unsecured notes.

• $850 million senior secured revolving credit facility available; proceeds used for a cash distribution to Aptiv and to fund operations.

• Capital allocation focused on organic growth, M&A, and operational investments.