Aptiv PLC announced that it has entered into a definitive agreement to acquire Winchester Interconnect from an affiliate of Snow Phipps Group for $650 million. The transaction is subject to regulatory approval and other customary closing conditions and is expected to close by the end of 2018. Upon completion of the transaction, Winchester will operate as an independent business unit within Aptiv’s Signal & Power Solutions segment. The transaction is expected to be neutral to EPS in 2019.

Based in the United States, Winchester is a provider of custom engineered interconnect solutions for harsh environment applications. With approximately $250 million in revenue, Winchester has a strong track record of profitable growth, the company noted. Kevin Clark, President and CEO of Aptiv, said, “Winchester further establishes Aptiv as a market leader in connectivity solutions and is a strategic fit to our Signal & Power Solutions segment. 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.”