Detroit-based American Axle and Manufacturing will buy GKN Automotive owner Dowlais 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.

Detroit-based American Axle & Manufacturing Inc. CEO David Dauch spent much of Wednesday assuring analysts that the supplier’s $1.44 billion transatlantic takeover will benefit shareholders and the automotive industry.

American Axle & Manufacturing has agreed to buy Dowlais Group for about $1.44 billion in a cash-and-shares deal that will result in another U.K. company leaving the London stock market.

American Axle & Manufacturing (AAM) in Detroit has acquired the British Dowlais Group, which includes GKN Automotive and GKN Powder Metallurgy, for approximately $1.44 billion in cash and AAM shares.

Corporate raider Melrose bought GKN for £8bn in 2018 in a move that faced fierce opposition over fears the 266-year-old company would be split up and sold off.

Dowlais shares jumped as much as 13%, but had pared gains to trade up 4.6% at 71.5 pence by 1418 GMT. RBC analysts said the offer "somewhat undervalues what is an attractive Tier 1 auto asset during the ongoing wider auto slump".