BorgWarner Acquires Delphi Technologies In $3.3 Billion Stock Deal
Propulsion systems supplier BorgWarner Inc . (NYSE: BWA ) will purchase 84% of Delphi Technologies (NYSE: DLPH ) in a $3.3 billion all-stock deal that shook the automotive supply sector Tuesday. The announcement sent Delphi shares soaring 61.95% to $15.86 in New York Stock Exchange trading. BorgWarner shares fell 7.76% to close at $35.38. Other auto suppliers' shares also rose. Delphi Technologies PLC shares closed up 61.95%, or $6.07 a share following the announced merger with BorgWarner Inc. (FreightWaves SONAR: STOCK.DLPH) In fiscal year 2019, BorgWarner and Delphi Technologies estimate they generated $10.17 billion and $4.36 billion in net sales, respectively. The combined company is expected to be among the leading pure-play propulsion companies globally, serving light and commercial vehicle manufacturers and the aftermarket. "Delphi Technologies will bring proven leading power electronics technologies, talent and scale that will complement our hybrid and electric vehicle propulsion offerings," said Frédéric Lissalde, president and CEO of BorgWarner, who will lead the combined company. "We are confident that together we will be able to move faster to address market trends toward electrification." BorgWarner shares fell $2.98, or 7.76% to $35.98 …
BorgWarner Acquires Delphi Technologies In $3.3 Billion Stock Deal
Propulsion systems supplier BorgWarner Inc . (NYSE: BWA ) will purchase 84% of Delphi Technologies (NYSE: DLPH ) in a $3.3 billion all-stock deal that shook the automotive supply sector Tuesday. The announcement sent Delphi shares soaring 61.95% to $15.86 in New York Stock Exchange trading. BorgWarner shares fell 7.76% to close at $35.38. Other auto suppliers' shares also rose. Delphi Technologies PLC shares closed up 61.95%, or $6.07 a share following the announced merger with BorgWarner Inc. (FreightWaves SONAR: STOCK.DLPH) In fiscal year 2019, BorgWarner and Delphi Technologies estimate they generated $10.17 billion and $4.36 billion in net sales, respectively. The combined company is expected to be among the leading pure-play propulsion companies globally, serving light and commercial vehicle manufacturers and the aftermarket. "Delphi Technologies will bring proven leading power electronics technologies, talent and scale that will complement our hybrid and electric vehicle propulsion offerings," said Frédéric Lissalde, president and CEO of BorgWarner, who will lead the combined company. "We are confident that together we will be able to move faster to address market trends toward electrification." BorgWarner shares fell $2.98, or 7.76% to $35.98 …