American Axle & Manufacturing Holdings Inc. has completed its takeover of Metaldyne Performance Group Inc. (MPG), a deal announced last November and now estimated to be worth $3.3 billion in cash and debt acquisition.

AAM reportedly paid $1.6 billion in cash and stock and acquired $1.7 billion in net debt from MPG’s owner, private-equity group American Securities LLC. The directors and shareholders of both firms reportedly gave unanimous approval to the transaction.

“Today is a historic day where we combine the strengths of both AAM and MPG into a premier, global Tier 1 automotive supplier with broader capabilities across multiple product lines,” stated AAM chairman and CEO David C. Dauch.

The two organizations have a number of manufacturing businesses in common, in particular closed-die forging operations producing driveline and drivetrain parts and systems for light trucks, SUVs, passenger cars, crossover vehicles, and commercial vehicles. MPG also has a significant presence in North American producing cast parts for automotive and light truck programs. Both companies have precision machining, finishing, and assembly capabilities.

AAM designs and produces driveline and drivetrain components and modules, chassis systems, and other formed products. It has seven manufacturing plants and three technical centers in Indiana, Michigan, Ohio, and Pennsylvania, as well as manufacturing operations in Brazil, China, Germany, India, Japan, Luxembourg, Mexico, Poland, Scotland, South Korea, Sweden, and Thailand.

Metaldyne Performance Group was formed in 2014 as a holding company for two forging organizations (Metaldyne, HHI) and a large foundry group (Grede Foundries). All three constituent companies had been formed by consolidating a wide portfolio of operations (Blackhawk Foundry, Citation, Cloyes, NovoCast, Jernberg.) over the preceding decade.

The new AAM now has the former MPG as a wholly owned subsidiary, and the group claims more than 90 plants and other centers in 17 countries, with over 25,000 employees.

David C. Dauch will remain as chairman and CEO, with Alberto L. Satine as president of the Driveline business unit; Norman Willemse as president of the Metal Forming business unit; and Todd Heavin president of the Casting business unit. Greg Deveson will join AAM this month as president of the Powertrain business unit.