BorgWarner Inc. and Eldor Corporation announced they have entered into a share purchase agreement under which BorgWarner agreed to acquire the Electric Hybrid Systems (EHS) business segment of Eldor for $82 million at closing with a potential additional amount due subject to an earnout.

The company said the transaction is subject to the satisfaction of closing conditions and is expected to close in the third quarter of 2023.

Headquartered in Italy, Eldor’s EHS segment includes onboard chargers (OBCs), DC/DC converters and integrated high-voltage boxes, the companies say.

“Eldor’s technologies are a great complement to BorgWarner’s ePropulsion portfolio, particularly as it relates to expanding in high-voltage power electronics beyond the inverter,” said Frédéric Lissalde, president and CEO of BorgWarner. “As we continue with our Charging Forward M&A strategy, we look forward to welcoming Eldor’s talented team to BorgWarner later this year.”