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.

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.

The Detroit-based drivetrain components supplier's acquisition of Dowlais Group plc will offer more production scale.

GKN Automotive owner Dowlais is set to be acquired by a US firm in a deal worth almost £1.2billion, less than two years after it was spun-out of Melrose Industries .