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BorgWarner to buy rival auto parts supplier Delphi for $3.3B

Associated Press
Updated ·1-min read

AUBURN HILLS, Mich. (AP) — Auto parts supplier BorgWarner is acquiring Delphi Technologies in an all-stock deal valued at approximately $3.3 billion, partly to help strengthen its power electronics products.

Delphi Technologies PLC shareholders will receive a fixed exchange ratio of 0.4534 shares of BorgWarner stock for each Delphi Technologies share they own.

BorgWarner Inc. stockholders are expected to own about 84% of the combined company, with Delphi Technologies shareholders owning approximately 16%.

BorgWarner President and CEO Frédéric Lissalde will lead the combined company, which will be based at BorgWarner's headquarters in Auburn Hills, Michigan.

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The transaction is targeted to close in the second half of the year. It still needs approval from Delphi Technologies shareholders.

BorgWarner's stock fell 7.1% in Tuesday premarket trading, while shares of Delphi Technologies soared 60%.