Delphi Technologies says shareholders have approved the company’s previously-announced transaction with BorgWarner.
“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 Delphi Technologies CEO, Richard Dauch.
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“We are excited to join forces with BorgWarner and look forward to delivering long-term value for all of our stakeholders.”
For his part, BorgWarner president and CEO, Frédéric Lissalde added: “We appreciate a large majority of Delphi Technologies’ shareholders have voted to approve the transaction, underscoring the value we believe is inherent in bringing our companies together.”
“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.”
Delphi Technologies and BorgWarner continue to work towards the closing of 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.
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