The deal, valued at Â£620 million, is expected to close by the end of this year.
If the sale is agreed the division will become part of Delphiâ€™s Electrical/Electronic Architecture segment. This division of Delphi currently manufactures interconnectors for various market sectors including safety restraint systems, powertrain and electric vehicles..
The MVL acquisition could well prove to be profitable for Delphi, in 2011 the division had a revenue of over Â£500 million. The division is currently owned by affiliates of Bain Capital.
CEO and President of Delphi Rodney Oâ€™Neal said: â€œThis transaction will solidify Delphiâ€™s position as one of the premier global automotive suppliers and will create significant shareholder value.
â€œhe addition of MVL strengthens the high growth connector product portfolio of our E/EA segment, broadens our mix of global customers and furthers our strategy of providing our customers with solutions to address the trends of Safe, Green and Connected.
â€œAs a result, following the acquisition, we will be better positioned to further drive growth in electronic content in motor vehicles.Â As MVLâ€™s largest customer, we respect their accomplishments and share a commitment to developing innovative products and delivering solutions that meet a wide range of needs and applications.â€
President of MVL Liam Butterworth added that a strategic partnership with Delphi would enable the company to continue its growth plans. He said: â€œBy leveraging both partiesâ€™ strong innovation and R&D capabilities, we will continue to provide the market with the highest quality innovative interconnect systems, while exceeding the expectations of customers worldwide.â€