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."