The final regulatory hurdle for Michigan-based BorgWarner Inc. (NYSE: BWA) in its acquisition of Remy International Inc. (Nasdaq: REMY) in Pendleton has been cleared. China’s Ministry of Commerce has given the deal its approval and the companies expect the merger to be complete next week.
Last month, the Korean Fair Trade Commission also approved the estimated $1.2 billion transaction. The companies expect the combination to create a business with revenue of around $15 billion by 2020 and result in $15 million in efficiencies within two years.
The deal was first announced in July and Remy shareholders approved the merger in September.
Remy was founded in 1896, and along with its Delco brand products, is one of the automotive world’s most well-known names in alternator, starter motor and electronic traction motor manufacturing and distribution.