Gentherm (THRM) completed the previously announced combination with Modine's (MOD) Performance Technologies unit through a Reverse Morris Trust transaction, Gentherm said Thursday.

Under the deal, Modine shareholders received 0.44619 shares of Gentherm for each Modine share held, according to a statement.

Modine received approximately $156 million in cash from SpinCo, which was used to repay outstanding debt, according to the company.

As of closing, Modine shareholders owned Gentherm stock representing approximately 43.62% of the outstanding shares of the combined company, the company said.

Paul Mascarenas was appointed to the Gentherm board, which also declared a special dividend of $2.07 per share, payable Oct. 7 to stockholders of record Sept. 28, the company added.