Honda Motor Co., Ltd. (TSE:7267) and Nissin Kogyo Co., Ltd. (TSE:7230) entered into definitive agreement to acquire 51% stake in Veoneer Nissin Brake Systems Japan, Co., Ltd.(VNBJ) from Veoneer AB for approximately $110 million (¥11.5 billion) on October 30, 2019. Nissin Kogyo will acquire 25% stake in VNBJ and Honda Motorwill acquire the remaining stake in VNBJ. In a related transaction, Honda Motor Co., Ltd and Nissin Kogyo Co., Ltd. entered into definitive agreement to acquire 51% stake in Veoneer Nissin Brake Systems (Zhongshan), Co., Ltd.(VNBZ) from Veoneer, Inc. on October 30, 2019. Honda Motor Co., Ltd and Nissin Kogyo Co., Ltd. will acquire 51% stake in VNBJ and VNBZ for approximately $180 million (¥19.6 billion). Upon the completion of the transactions Veoneer Nissin Brake Systems (VNBS) joint venture will be terminated. Post-acquisition, Nissin Kogyo will hold 74% stake in VNBJ. As of March 31, 2019, VNBJ had total assets of ¥26.97 billion, sale of ¥31 billion and net loss of ¥1.73 billion. The transaction is subject to completion of customary closing conditions and approval necessary under the Japanese competition laws. The transaction is expected to close on February 3, 2020. Randy Laxer of Morrison & Foerster LLP acted as legal advisor to Veoneer Inc, parent of Veoneer AB.

Honda Motor Co., Ltd. (TSE:7267) and Nissin Kogyo Co., Ltd. (TSE:7230) completed the acquisition of 51% stake in Veoneer Nissin Brake Systems Japan, Co., Ltd.(VNBJ) from Veoneer AB on February 3, 2020.