Benzinga | Jan 11, 2022 07:41AM EST

Aptiv To Acquire Wind River From TPG Capital For $4.3B

* Aptiv PLC (NYSE:APTV) has agreed to acquire Wind River from TPG Capital for $4.3 billion in cash. Wind River's software enables the secure development, deployment, operations, and servicing of mission-critical intelligent systems.

* Wind River generated approximately $400 million in revenues in 2021.

* Led by Kevin Dallas, Wind River will continue to operate as a stand-alone business within Aptiv as part of the Advanced Safety & User Experience segment.

* "The automotive industry is undergoing its largest transformation in over a century, as connected, software-defined vehicles increasingly become critical elements of the broader intelligent ecosystem," said Aptiv CEO Kevin Clark.

* The acquisition is expected to close in the middle of 2022.

* Aptiv plans to finance the transaction through a combination of cash and debt. It held $2.7 billion in cash and equivalents as of September 30, 2021.

* Price Action: APTV shares closed lower by 2.60% at $165.07 on Monday.