Under the deal, Delphi stockholders will receive a fixed exchange ratio of 0.4534 share of BorgWarner common stock per Delphi share.
Current BorgWarner stockholders will own about 84% of the combined company, while current Delphi Technologies stockholders are expected to own 16%.
The combined $14.5 billion company will be led by BorgWarner President and CEO Frederic Lissalde and BorgWarner CFO Kevin Nowlan, and will operate as BorgWarner. The combined company will be headquartered in Auburn Hills, Mich. "Delphi Technologies will bring proven leading power electronics technologies, talent and scale that will complement our hybrid and electric vehicle propulsion offerings," Lissalde. "As a combined company, we look forward to delivering enhanced solutions to our customers while driving increased value for our stockholders."
The sides expect approximately $125 million of run-rate cost efficiencies by 2023. The acquisition is meant to strengthen BorgWarner's power electronics products, capabilities and scale, according to the company. BorgWarner on Tuesday also announced that its Board of Directors has authorized a share repurchase program of up to $1 billion to be executed over the next three years.
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