Aptiv PLC APTV → Versigent PLC VGNT
| Parent | Aptiv PLC APTV |
|---|---|
| Spinco | Versigent PLC VGNT |
| Status | Completed |
| Structure | Spin-off A filing states a pro-rata distribution: holders receive shares automatically. |
| Focus | Not focus-increasing Parent and spinco remain in the same industry; the separation divides scale rather than business. |
| Ratio | 1 Versigent ordinary share for every 3 Aptiv ordinary shares |
| Checked against EDGAR | 2026-08-21 |
Data trap
Aptiv's EDGAR company facts included the Electrical Distribution Systems business through the quarter ended before April 1, 2026. Any APTV revenue or margin figure covering a period before the separation is a combined-company number and is not comparable to standalone Aptiv; Versigent's own history begins with its 10-Q filed 2026-05-05.
The restated filings have landed; this is kept as history.
Catalyst clock
- 2025-01-22Separation announced
- 2025-11-14Form 10 filed
- 2026-03-06Form 10 last amended
- 2026-03-12Form 10 effective
- 2026-03-17Record date
- —When-issued trading opens
- 2026-04-01Distribution
- —First standalone earnings
- —Index inclusion announced
Performance since separation
| Versigent PLC since separation | +76.77% |
|---|---|
| Aptiv PLC over the same window | -22.24% |
| S&P 500 (SPY) over the same window | +16.86% |
| Russell 2000 (IWM) over the same window | +20.20% |
| Excess over the S&P 500 | +59.91% |
| Excess over the Russell 2000 | +56.57% |
Measured from the first regular-way close on or after the distribution — 2026-04-01 at 27.85 — to 2026-08-21 at 49.23. Window: 5 months. That is a short window. Treat it as a fact about these few weeks, not as evidence about how the separation turns out. Two benchmarks, because one is misleading: spin-offs are usually small companies, and across this period small caps lagged the S&P by several points a year on their own. Measured against the S&P alone, roughly a third of any shortfall is company size rather than the separation. Returns are arithmetic over end-of-day closing prices. Unlike every other figure on this page, they do not come from a filing.
Pre-distribution investor return
| Parent, announcement to separation | -6.23% |
|---|---|
| Combined (Aptiv PLC + Versigent PLC), pre-distribution to now | +9.98% |
| Combined excess over the S&P 500 | -7.76% |
| Combined excess over the Russell 2000 | -10.97% |
Combined treats a pre-spin holding as 1 Versigent ordinary share for every 3 Aptiv ordinary shares valued at the parent's last close before regular post-spin trading resumed — 2026-03-31 at 58.82 — against that same basket today. That baseline is a practical proxy, not an attempt to isolate exactly how much value the separation transferred: for a large parent and a small spinco, ordinary day-to-day price noise can be bigger than the transfer itself. Run-up measures only the parent's own price, from the announcement date to that same baseline — how far the market had already moved before the separation's mechanics ever happened.
Filings
Every fact on this page comes from one of these.
- 10-12Bfiled 2025-11-14 · 0001193125-25-282972Initial Form 10 registration statement for the Electrical Distribution Systems business
- 10-12B/Afiled 2026-03-06 · 0001193125-26-096776Final amendment; Ex-99.1 information statement carries the 1-for-3 ratio and the March 17 record date
- 8-Kfiled 2026-03-12 · 0001193125-26-104279Reports the SEC declared the Form 10 effective on March 12, 2026, and describes when-issued trading beginning three trading days before the distribution
- 8-Kfiled 2026-04-01 · 0001193125-26-138219Separation completed April 1, 2026; regular-way VGNT trading began the same day
- 10-Qfiled 2026-05-05 · 0002078008-26-000008First standalone quarterly report — the filing after which third-party figures stop describing the combined company
Notes
Aptiv's separation of its wiring and electrical architecture business. Intended to be tax-free for both Swiss and US federal income tax purposes. The registrant was incorporated as 'Versigent Limited' and converted to a public limited company before completion; EDGAR now reports it as Versigent PLC. Classified non-focus-increasing: both legs remain motor-vehicle parts suppliers (SIC 3714). When-issued trading was described in the March 12 8-K only as beginning 'three trading days prior to the Distribution Date' with no calendar date stated, so when_issued_start is null.