Nissan sells autoparts firm stake in corporate shake-up

TOKYO: Nissan said Tuesday it is selling its stake in auto parts company Calsonic Kansei as the Japanese firm casts off non-core businesses to focus on electric vehicles and self-driving cars.

The automaker is hiving off its 41 percent stake to US buyout firm KKR, which is buying Japan-based Calsonic in a deal valued at about $4.5 billion.

KKR is paying 1,860 yen ($17) per share for Calsonic, which makes vehicle interiors, climate control systems, compressors, exhaust systems and electronics.

That is a 28 percent premium on Calsonic’s closing share price Tuesday.

Calsonic which has about 22,000 employees and 1.05 billion yen in annual sales — also supplies other automakers including Renault, Isuzu, Daimler and General Motors.

Nissan has been moving to sell off lesser businesses as it turns it attention to developing technology including for cars and self-driving vehicles, which it sees as a key part of its future business.

The Japanese automaker is also eyeing a push into Southeast Asia after picking up a stake in Mitsubishi Motors.

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