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.

The deal aims to create a “leading supplier of global driveline and metal-forming supplier” for the automotive industry.

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.