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January 11, 2022 06:25 AM

Aptiv agrees to buy U.S. software company

Wind River develops software for a variety of industries

Reuters
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    APTIVMAIN-MAIN_i.jpg

    Aptiv said Tuesday it has agreed to buy U.S. software company Wind River from private equity firm TPG Capital for $4.3 billion in cash.

    Wind River makes software for companies in the aerospace and defense, telecommunications, industrial and automotive sectors. The company's 2021 revenue was about $400 million.

    Aptiv said it would finance the deal through a combination of cash and debt.

    "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," Aptiv CEO Kevin Clark said in the statement.

    "Fully capitalizing on this opportunity requires comprehensive solutions that enable software to be developed faster, deployed seamlessly and optimized throughout the vehicle lifecycle by leveraging data-driven insights."

    Aptiv, whose customers include Stellantis, Volkswagen Group and General Motors, battled supply chain problems for much of 2021, but has seen rising demand for its automated driving systems.

    Wind River will operate as a stand-alone business within Aptiv.

    Aptiv ranks No. 19 on the Automotive News Europe list of the top 100 global suppliers with worldwide sales to automakers of $11.5 billion in 2020.

    Automotive News contributed to this report

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