Automotive technology company Delphi 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.
The remaining company will become Aptiv PLC and change its ticker symbol to ‘APTV’. Shareholders will receive one ordinary share of Delphi Technologies for every three ordinary shares of Delphi Automotive, and will receive cash in lieu of any fractional shares.
The spin-off is expected to be effective at the close of business on December 4, 2017, with 100% of the spin-off company’s ordinary shares distributed to shareholders.
The new company has received authorization to list its ordinary shares on the New York Stock Exchange (NYSE) under the symbol ‘DLPH’.
The company expects that a “when-issued” public trading market for ordinary shares will begin on the New York Stock Exchange on November 21 under the symbol ‘DLPH WI’ and will continue through the distribution date.
Delphi Technologies’ ordinary shares are expected to begin ‘regular way’ trading from December 5, the first trading day following the distribution date.
The record date will be as of the close of trading, New York time, on November 22, 2017, and the distribution date will be at the close of business on December 4, 2017.