Delphi shares rocket 61% as two big auto parts makers agree to combine [MarketWatch]
DELPHI TECHNOLOGIES PLC (DLPH)
Last delphi technologies plc earnings: 2/13 04:01 pm
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Source: MarketWatch
Delphi shares rocket 61% as two big auto parts makers agree to combine Shares of Delphi Technologies PLC soared 61% Tuesday, after BorgWarner Inc. said it’s acquiring the company in all-stock deal with an enterprise value of about $3.3 billion. BorgWarner BWA, -7.95% , which makes parts for combustion, hybrid and electric vehicles, said Delphi shareholders will receive 0.4534 shares of its stock for each Delphi DLPH, +60.00% share owned, equal to $17.39 a share in cash. That represents a 77% premium over Delphi stock’s closing price Monday. Upon closing, BorgWarner shareholders will own about 84% of the combined company, with Delphi shareholders owning the remaining 16%. The deal is expected to strengthen BorgWarner’s power electronics business. Delphi specializes in propulsion technologies to make cars cleaner and more efficient. BorgWarner had sales of $10.17 billion in fiscal 2019, while Delphi had sales of $4.36 billion. The deal is expected to be “meaningfully accretive” to
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