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BorgWarner, Delphi Amend Transaction Agreement; Resolve Alleged Breach Dispute

BorgWarner Inc. (BWA) and Delphi Technologies PLC (DLPH) announced they have amended certain terms of the definitive transaction agreement. Under the terms of the amendment, BorgWarner consents to Delphi Technologies' recent draw down of its revolver.

The amended transaction agreement provides for new closing conditions requiring that, at the time of the transaction closing, the total amount of Delphi Technologies' outstanding revolver borrowings do not exceed $225 million, and net of its cash balances, do not exceed $115 million. The parties have agreed to a revised exchange ratio pursuant to which Delphi Technologies' shareholders will receive 0.4307 shares of BorgWarner common stock for each Delphi Technologies share.

The closing of the transaction is expected to occur in the second half of 2020.

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