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.

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 ( AXL, Financials) has reached an agreement to acquire Dowlais Group in a $1.44 billion cash-and-stock deal, the companies announced Wednesday. Shares tumbled over 10%, leading a chip sell-off as China's new AI model prompted fresh questions on Big Tech's investments.