BorgWarner said Delphi’s combustion-propulsion products would complement its own portfolio, which is focused on “clean technologies to increase efficiency and performance of modern combustion vehicles.”
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%.
BorgWarner said the transaction is expected to be meaningfully accretive to adjusted earnings in the second full year after the deal closes, which is expected in the second half of 2020.
The combined company will be led by BorgWarner President and Chief Executive Frederic Lissalde and BorgWarner Finance Chief Kevin Nowlan, and will operate as BorgWarner. The combined company will be headquartered in Auburn Hills, Mich.
BorgWarner also said its preliminary 2019 sales fell 3.4% from the prior year to about $10.17 billion. Excluding the estimated impact of foreign currencies as well as acquisitions and divestitures, net sales rose 0.7%, the company said.
Delphi said its revenue for 2019 declined by about 10% from the prior year to $4.36 billion. After adjusting for currency exchange, revenue decreased by about 7%, the company said.
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