American Axle to buy GKN automotive owner Dowlais in $1.44 billion deal
ReutersJan 29, 2025 7:19 AM
Recasts paragraph 1, adds premium and details on deal in paragraphs 2-3
Jan 29 (Reuters) - U.S. autoparts maker American Axle and Manufacturing AXL.N will buy GKN Automotive owner Dowlais DWL.L in a cash-and-stock deal, valuing the London-listed firm at about 1.16 billion pounds ($1.44 billion), the companies said on Wednesday.
The deal valued Dowlais at 85.2 pence apiece, representing a premium of nearly 25% to the stock's last close on Tuesday.
According to a joint statement, it is expected that shareholders of the U.S.-based company will hold 51% of the combined entity, while Dowlais shareholders will own approximately 49%.
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