‘GSR nears US$1b deal for con­trol of Nis­san unit’

New Straits Times - - Business World -

TOKYO: GSR Cap­i­tal is near­ing a deal to ac­quire con­trol of a Nis­san Mo­tor Co recharge­able bat­tery unit for about US$1 bil­lion (RM4.27 bil­lion), said sources.

The firm was in ad­vanced talks with Nis­san about buy­ing a stake in Au­to­mo­tive En­ergy Sup­ply Corp (AESC), said sources.

The par­ties aim to an­nounce an agree­ment within the next two weeks, said the peo­ple. The Yangtze River In­dus­try Fund is con­tribut­ing at least 20 per cent of the GSR Cap­i­tal fund do­ing the AESC deal, said sources.

Nis­san owns 51 per cent of AESC, while NEC Corp holds the re­main­der. Shares of NEC rose as much as 3.2 per cent yes­ter­day, the most in a month, and traded at 288 yen as of 2:30pm, here.

GSR Cap­i­tal saw value in build­ing an in­de­pen­dent bat­tery sup­plier to mul­ti­ple car­mak­ers and was con­sid­er­ing mov­ing some of AESC’s man­u­fac­tur­ing to Hubei, said the peo­ple.

The Chi­nese prov­ince re­cently ear­marked 547 bil­lion yuan (RM341 bil­lion) for in­vest­ments to mod­ernise its econ­omy. Bloomberg

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