Japan Govt-Linked INCJ to Buy Hitachi's Vehicle Battery Biz
Tokyo, Dec. 26 (Jiji Press)--Japanese public-private investment fund INCJ Ltd. has said that it will acquire a vehicle battery unit of Hitachi Ltd. <6501>, jointly with Maxell Holdings Ltd. <6810>.
The state-backed fund, formerly known as Innovation Network Corp. of Japan, and Maxell will spend 10.1 billion yen each to buy the unit, Hitachi Vehicle Energy Ltd.
Hitachi Automotive Systems Ltd., another Hitachi subsidiary, will also get involved in the management of Hitachi Vehicle Energy by spinning off part of its operations to the battery firm.
The deal is aimed at bringing together the investor companies' technologies to boost Hitachi Vehicle Energy's international competitiveness.
The transition to the joint management structure is expected to be completed by the end of March next year. The battery firm will be owned 47 pct each by INCJ and Maxell and 6 pct by Hitachi Automotive Systems.
[Copyright The Jiji Press, Ltd.]