65438+1On October 28th, Bogwarner, a well-known American automobile transmission and engine system supplier, announced that it would acquire Delphi Technology for $3.3 billion, and the transaction is expected to be completed in the second half of 2020.

20 19 June American Automotive news (automotive? News) released the top 20 19 list of global auto parts suppliers 100 for reference. The revenue of the two companies in 20 18 was $0.053 billion and $3.863 billion respectively, ranking 22nd and 62nd respectively, and the combined revenue could be ranked/kloc-0.

The boards of directors of both parties have approved the terms of this agreement. According to the agreement, each share held by Delphi Technology shareholders can be exchanged for 0.4534 shares of Borgwarner. After the transaction is completed, the existing shareholders of Borg Warner are expected to hold about 84% of the shares of the merged company, and the existing shareholders of Delphi Technology are expected to hold about 65,438+06% of the shares.

The headquarters of the new company will be located in auburn hills, Michigan, USA. Lissalde and Kevin, chief financial officers of Borgwarner? Nolan will be the head of the new company.

Frederick, global CEO of Borgwarner? Lissalde said: "This acquisition fully reflects our power system development strategy, which will greatly enhance our competitive advantage in the field of electric drive and strengthen our penetration into the traditional fuel power market. We respect and welcome Delphi employees to join us. We will work together to provide customers with better products and services and create higher value for shareholders. "

Founded in 190 1, Borgwarner is headquartered in auburn hills, Michigan, with 27,000 full-time employees. Is a world-renowned supplier of transmission systems and engine systems, mainly producing engines (turbochargers, exhaust and heat pipe products and systems, chain systems) and transmission systems, with 43 factories and service centers in 14 countries around the world.

Delphi has a short history, but it used to be the number one auto parts company in the world. 1999, GM separated its parts business group and named it Delphi. At that time, it was not only the largest auto parts enterprise in the world. But also can produce almost all automobile parts from screws to engines. Since then, Delphi has been divesting its business and slimming down.

20 17 12, Delphi was split into two companies-amber and Delphi technology. The former focuses on the related technologies of autonomous driving, while the latter focuses on the traditional automobile powertrain.

Delphi's market value was $4.5 billion when it was first split, and it has been going downhill since then. Today, its market value is $654.38+348 million, only 30% of that at that time.

At the same time, there is a saying in the industry that Delphi has been looking for buyers. In the past five years, Borg Warner has acquired five companies in a row, and the integration with Delphi can be said to be in its place.

Borgwarner executives have always insisted on the simultaneous efforts of the three product groups of internal combustion engine, hybrid power and electric drive, and gradually realized the transformation to electrification through acquisition and research and development. Delphi is a leader in the fields of engine fuel injection system, carbon canister, electronic control ECU and transmission controller, and fully supplements Borgwarner's turbocharger, exhaust gas recirculation valve, engine timing system, transmission and thermal management.

In terms of electric drive, Delphi's DC-DC converter, online charger, battery management system, software development and application technology can also form synergistic effects with Borgwarner's electronic turbocharger, P2 hybrid module, high-voltage PTC heater, motor and battery pack.

Secondly, after the acquisition of Delphi, Borg Warner's sales revenue in various regions of the world is more balanced: 39% in Europe, 32% in North America and 27% in Asia.

After the news was disclosed, Borgwarner's share price fell and Delphi's share price rose, which shows the attitude of the capital market to this acquisition.

Globally, this is the largest merger of parts companies after ZF acquired Waopaco, Calendar and Honda in 20 19, and it is also the first time in 2020.

In recent years, large-scale acquisitions in the field of auto parts have occurred frequently, mainly because of the technological changes in the industry represented by the four modernizations of automobiles. 201910/7. The 4th Ling Xuan Awards Ceremony hosted by auto business review was held in Beiqi R&D Base. In his speech, Xu Heyi, Chairman of BAIC Group, specifically talked about this trend he felt.

"Recently, I was shocked to hear that the parts of a very famous global brand were sold as a whole, and some big groups sold their entire auto parts business or business segments involving automobiles. This caused me to think. "

"What I can't imagine is that even some assets, products and technologies involved in the automotive field are very competitive and very good. Why is there such a big change at present? It is really a global reshuffle of the industry. I think it is necessary to arouse our deep thought and research. " Xu Heyi said.

Indeed, today's industry integration has extended to high-quality assets, and subsequent mergers and acquisitions will only become more and more intense. Can China enterprises share a piece of this and make their parts industry bigger and stronger by the integration period?

This article comes from car home, the author of the car manufacturer, and does not represent car home's position.