BorgWarner Inc., headquartered in Auburn Hills, Michigan, USA, has completed its acquisition of Delphi Technologies PLC, headquartered in London, UK, following the companies’ definitive transaction agreement earlier this year.
The combination of BorgWarner and Delphi Technologies is expected to strengthen BorgWarner’s electronics and power electronics products, capabilities and scale, increasing its expertise and offerings in electrified propulsion systems which the company believes will make it well-positioned to take advantage of future propulsion migration.
Delphi Technologies brings to the company power electronics technology and talent, with an established production, supply and customer base. The combined company will reportedly offer customers a suite of integrated and standalone offerings of power electronics products (including high-voltage inverters, converters, on-board chargers and battery management systems) and capabilities (including software, systems integration and thermal management).
According to the companies, the acquisition will also enhance BorgWarner’s combustion, commercial vehicle and aftermarket businesses, as Delphi Technologies’ breadth of combustion propulsion products complements BorgWarner’s innovative portfolio, which is focused on clean technologies to increase the efficiency and performance of modern combustion vehicles. Adding Delphi Technologies’ commercial vehicle and aftermarket business is expected to result in more balance across light vehicles, commercial vehicles and the aftermarket.
The completion of the transaction follows approval by Delphi Technologies’ shareholders, receipt of required regulatory approvals, the satisfaction of certain conditions relating to the indebtedness of Delphi Technologies, and the satisfaction or waiver of customary closing conditions.
Following the close of this transaction, Delphi Technologies common stock will cease to be traded on the New York Stock Exchange.
“We are pleased to complete our acquisition of Delphi Technologies,” stated Frédéric Lissalde, president and CEO, BorgWarner. “Through this combination, BorgWarner is even better positioned with a more comprehensive portfolio of industry-leading propulsion products and systems across combustion, hybrid and electric vehicles.”
Lissalde continued, “We expect that the combination will also strengthen our commercial vehicle and aftermarket businesses. We welcome Delphi Technologies’ colleagues around the world to the BorgWarner team and are excited about the opportunities we have together to address market trends towards electrification.”
“I am proud of our global workforce, including our integration planning teams, for driving the business forward as we managed through the pandemic and laying a strong foundation for seamless integration. I have great confidence that we will realise what we believe are significant benefits of this combination for our shareholders, customers and suppliers.”