Nissan sells key asset

Article Excerpt

NISSAN MOTOR (ADR) $18.77 (Nasdaq symbol NSANY; TSINetwork Rating: Above Average) (310-771-3111; www.nissan-global.com; ADRs outstanding 2.1 billion; Market cap: $40.3 billion; Dividend yield: 3.1%) plans to sell its interest in auto parts maker Calsonic Kansei to U.S. investment firm Kohlberg Kravis Roberts (KKR). Calsonic Kansei is listed on the Tokyo Stock Exchange. KKR intends to make an offer for all of that business’s outstanding shares, including Nissan’s 41.6% stake. Altogether, it could pay around 400 billion yen ($3.8 billion U.S.). Nissan plans to use funds from the sale to develop its self-driving cars. This includes making artificial-intelligence components for sensors and image recognition devices. The company will also use the proceeds of the Calsonic sale to acquire other firms working in the field of artificial intelligence. Nissan is a buy. buy…

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