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Nissan sells stake in auto parts firm as it focuses on future technologies

The Japan Times

Nissan is selling its stake in the auto parts company Calsonic Kansei as it casts off noncore businesses to focus on electric vehicles and self-driving cars. The automaker is hiving off its 41 percent stake to the U.S. buyout firm KKR, which is buying the Japan-based Calsonic in a deal valued at about $4.5 billion (nearly ¥500 billion), Nissan said Tuesday. KKR is paying ¥1,860 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 in annual sales -- also supplies other automakers, including Renault, Isuzu, Daimler and General Motors.