Tesla supplier Aptiv Plc said that it would acquire a majority stake in a unit of Italy’ Intercable for 595 million euros ($605.71 million), allowing the auto parts company access to technology used in electric vehicles (EVs).
US-based Aptiv will own an 85 percent stake in the unit, Intercable Automotive Solutions, which manufactures high-voltage busbars that carry more electrical power than traditional cables. It has manufacturing facilities in Europe and Asia.
“Intercable Automotive Solutions is an excellent strategic fit with Aptiv’s Signal & Power Solutions segment,” Aptiv Chief Executive Officer Kevin Clark said in a statement.
