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- Japanese automaker Nissan (OTCPK:NSANY) (OTCPK:NSANF) has entered into agreement to acquire all the common shares in automotive battery firm Vehicle Energy Japan held by its biggest shareholder, Innovation Network Corporation of Japan.
- Financial terms of the deal were not disclosed.
- Vehicle Energy develops, manufactures and sells lithium-ion batteries for hybrid vehicles. Upon deal closing, Vehicle Energy Japan will become Nissan's consolidated subsidiary, in which it will hold shares alongside existing shareholders Maxell and Hitachi Astemo.
- Nissan said in a statement that, "The investment will allow Nissan to secure a stable battery supplier and contribute to the development of next-generation batteries with a competitive edge in terms of both performance and cost."
- On Tuesday, Nissan's rival Honda Motor (HMC) announced partnership with Hanwa to secure supply of battery metals