BorgWarner Inc. announced that shareholders of Delphi Technologies PLC approved BorgWarner’s all-stock acquisition of Delphi Technologies at a special meeting recently. An overwhelming majority of Delphi Technologies’ shareholders voted in favor of the transaction.
“We appreciate that a large majority of Delphi Technologies’ shareholders have voted to approve the transaction, underscoring the value that we believe is inherent in bringing our companies together,” said Frédéric Lissalde, president and CEO of BorgWarner. “We are now one step closer to delivering the expected significant benefits of this transaction to our combined stakeholders. We look forward to closing the transaction which is expected to occur in the second half of 2020.”
“We are pleased with the strong support from our shareholders for this transformative transaction, which we believe will create a leading propulsion technologies company that is uniquely equipped to serve OEMs and aftermarket customers around the world,” said Richard F. Dauch, CEO of Delphi Technologies. “We are excited to join forces with BorgWarner and look forward to delivering long-term value for all of our stakeholders.”
BorgWarner and Delphi Technologies are continuing to work diligently towards closing the transaction, which is subject to the receipt of the remaining required regulatory approvals and satisfaction or waiver of other closing conditions, including the sanctioning of the scheme of arrangement by the Royal Court of Jersey.