Aptiv (APTV) said Wednesday that it plans to separate its electrical distribution systems business, creating two independent companies.

After the separation, the company said Aptiv would focus on advanced software and hardware technologies, while the new electrical distribution systems entity will provide low voltage and high voltage electrical architectures for automotive and commercial vehicle markets.

The company said that the separation would be carried out through a spin-off, allowing Aptiv shareholders to keep their current shares while receiving a pro-rata dividend of shares in the new electrical distribution systems entity.

The deal is expected to be completed in March of next year.

The company reiterated its 2024 outlook, which it had previously issued on Oct. 31.