Delphi Technologies
2020
$3.3B
Why
BorgWarner acquired Delphi Technologies in an all-stock transaction valued at approximately $3.3 billion to add power electronics, engine management systems, fuel injection technology, and software capabilities essential for electrified propulsion. Delphi shareholders received 0.4534 BorgWarner shares per Delphi share. The acquisition expanded BorgWarner's addressable market in electrified propulsion and added approximately $4.4 billion in annual revenue and roughly 20,000 employees.
Impact
The Delphi acquisition transformed BorgWarner's product portfolio, adding power electronics and software capabilities that the company lacked organically. The integration delivered approximately $125 million in annual run-rate cost synergies through procurement optimization, manufacturing consolidation, and administrative efficiency. However, the acquisition also added complexity, contributing to the $646 million impairment charge in 2024 and the subsequent 2023 PHINIA spin-off of the fuel systems and aftermarket business.
Outcome
The acquisition is generally viewed as strategically successful, providing the power electronics and engine management capabilities that underpin the company's $6–8+ billion eProducts target. The combined pro forma revenue exceeded $14 billion, and the integration is ongoing with continued focus on realizing full synergy potential.