A technology company that employs more than 1,000 staff at its Gloucestershire base has been sold in a deal worth $3.3billion.

Delphi Technologies PLC has been acquired by BorgWarner INC, with the US-based auto parts maker adding Delphi's expertise in power electronics to its portfolio.

In an announcement made to the Nasdaq in New York ahead of Tuesday trading, Delphi Technologies PLC said it had agreed an "all-stock transaction" with BorgWarner Inc.

The deal will see two leading suppliers to the automotive industry team up ready for the positioning into hybrid and electric vehicles.

Dephi became one of the leading suppliers of parts when it was born out of the General Motors group in 1998.

Operating from sites across the UK, they employ 1,200 members of staff at their Oldends site in Stonehouse.

After the news was released, shares in Delphi - who operate on the Oldends Business Park in Stonehouse, soared on the Nasdaq.

At the close of trading yesterday, shares in Delphi were valued at $9.80 - by 4pm they had risen by as much as 62 per cent to be trading at $15.84.

Frederic Lissalde, president and chief executive of BorgWarner INC said: This exciting transaction represents the next step in BorgWarner's balanced propulsion strategy, strengthening our position in electrified propulsion as well as our combustion, commercial vehicle and aftermarket businesses.

"Delphi Technologies will bring proven leading power electronics technologies, talent and scale that will complement our hybrid and electric vehicle propulsion offerings.

"As a combined company, we look forward to delivering enhanced solutions to our customers while driving increased value for our stockholders."