Aptiv, the connectivity solutions developer which partners with ride-sharing company Lyft in the autonomous taxi market, has reached an agreement to buy Winchester, a US-based provider of custom engineered interconnect solutions for harsh environment applications.
Aptiv, which currently has approximately 150,000 employees in 45 countries, will reportedly pay $650 million to acquire Winchester from an affiliate of Snow Phipps Group.
“Winchester further establishes Aptiv as a market leader in connectivity solutions and is a strategic fit to our Signal & Power Solutions segment,” says Kevin Clark, CEO of Aptiv.
“By adding to our over $1 billion in non-automotive revenues today, this transaction further strengthens our adjacent market platform and leverages our harsh environment expertise in engineered components.”
“We are very excited to join Aptiv,” says Winchester’s CEO Kevin Perhamus. “We believe that Aptiv’s global reach and leadership in innovation will further enable us to help solve our customers’ most difficult connectivity challenges.”
“We have enjoyed partnering with Kevin and his strong management team to build and diversify Winchester through acquisitions and significant organic growth,” says John Pless, partner at Snow Phipps. “We believe Winchester will continue that success within Aptiv.”
Aptiv recently marked 5,000 customer journeys in the self-driving cars the company offers through Lyft, which, in turn, offers them to the public through a smartphone app.
“Hitting 5,000 consumer rides is a major milestone, not just for Aptiv and Lyft, but for the entire mobility space,” says Aptiv in a statement. “This is the first of its kind commercial self-driving program, and we are proud to be offering autonomous vehicles for public use today.”