BorgWarner ($BWA) is to acquire Delphi Technologies ($DLPH) to strengthen its propulsion systems leadership.
![](https://www.sec.gov/Archives/edgar/data/908255/000120677420000245/bwa3713151-defa14ax01.jpg)
The all-stock transaction happens at a time, when both companies are trading at low multiples. $DLPH is up ~60%, whereas $BWA is down ~7%.
Below is a summary of the segments of the two S&P500 companies and some of the powertrain manufacturers of the auto parts industry.
Aptiv ($APTV) spun off their Powertrain Systems segment into Delphi Technologies ($DLPH) in 2017. Tenneco ($TEN) acquired Federal-Mogul ($FDML) in 2018.
![](http://midgardfinance.com/companies/B/BWA/BWA_DLPH_revenue2019Q3.png)
![](http://midgardfinance.com/companies/B/BWA/powertrain2019Q3.png)
![](https://www.midgardfinance.com/out/plot/price/_/BWA/mc/BWA_mc_2010-01-01_2020-1.png)
![](https://www.midgardfinance.com/out/plot/fundamentals/_/BWA/ROCGreenblatt/BWA_ROCGreenblatt_annual_sumFalse_2020-1.png)
![](https://www.midgardfinance.com/out/plot/fundamentals/_/BWA/operatingMargin/BWA_operatingMargin_annual_sumFalse_2020-1.png)
![](https://www.midgardfinance.com/out/plot/fundamentals/_/BWA/revenue/BWA_revenue_annual_sumFalse_2020-1.png)
![](https://www.midgardfinance.com/out/plot/fundamentals/_/BWA/revenue/BWA_revenue_ttm_sumFalse_2020-1.png)
![](https://www.midgardfinance.com/out/plot/fundamentals/_/BWA/shares/BWA_shares_annual_sumFalse_2020-1.png)
![](https://www.midgardfinance.com/out/plot/fundamentals/_/BWA/shares/BWA_shares_quarterly_sumFalse_2020-1.png)
![](https://www.midgardfinance.com/out/plot/price/_/BWA/evo/BWA_evo_2010-01-01_2020-1.png)
![](https://www.midgardfinance.com/out/plot/price/_/BWA/ps/BWA_ps_2010-01-01_2020-1.png)
![](https://www.sec.gov/Archives/edgar/data/908255/000120677420000245/bwa3713151-defa14ax03.jpg)
![](https://www.sec.gov/Archives/edgar/data/908255/000120677420000245/bwa3713151-defa14ax04.jpg)
![](https://www.sec.gov/Archives/edgar/data/908255/000120677420000245/bwa3713151-defa14ax05.jpg)
![](https://www.sec.gov/Archives/edgar/data/908255/000120677420000245/bwa3713151-defa14ax06.jpg)
![](https://www.sec.gov/Archives/edgar/data/908255/000120677420000245/bwa3713151-defa14ax07.jpg)
![](https://www.sec.gov/Archives/edgar/data/908255/000120677420000245/bwa3713151-defa14ax08.jpg)
![](https://www.sec.gov/Archives/edgar/data/908255/000120677420000245/bwa3713151-defa14ax09.jpg)
![](https://www.sec.gov/Archives/edgar/data/908255/000120677420000245/bwa3713151-defa14ax10.jpg)
![](https://www.sec.gov/Archives/edgar/data/908255/000120677420000245/bwa3713151-defa14ax11.jpg)
![](https://www.sec.gov/Archives/edgar/data/908255/000120677420000245/bwa3713151-defa14ax12.jpg)
![](https://www.sec.gov/Archives/edgar/data/908255/000120677420000245/bwa3713151-defa14ax13.jpg)
![](https://www.sec.gov/Archives/edgar/data/908255/000120677420000245/bwa3713151-defa14ax14.jpg)
![](https://www.sec.gov/Archives/edgar/data/908255/000120677420000245/bwa3713151-defa14ax15.jpg)
Reuters – BorgWarner to buy Delphi Technologies in $3.3 billion auto parts deal
Bloomberg – BorgWarner to Buy Delphi for $1.5 Billion in Auto-Parts Deal
Bloomberg 2020-01-28 – BorgWarner Is in Talks to Acquire Delphi