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Toyota Motor Corp (NYSE:TM) disclosed the sale of its stake in KDDI Corp (OTCPK: KDDIF) (OTCPK: KDDIY) for around 250 billion yen ($1.8 billion).
The company plans to divest around 20% of interest in the telecommunications business, as per Nikkei Asia.
Toyota has been KDDI's major shareholder since October 2000.
The move is at par with Toyota's strategy to reduce shareholdings to boost capital efficiency and significantly invest in "Electrification", "Intelligence" and "Diversification.
Related: Is Toyota Ready To Take On Tesla For Electric Vehicle Lead? 'I Don't Know If Love Can Beat Tesla'
As per the terms, KDDI will conduct a tender offer of its shares starting on July 31, priced at 3,900 yen, and Toyota Motor will apply for the shares.
This month, Toyota disclosed it will provide hydrogen-powered vehicles to test a high-speed hydrogen refueling station in Abu Dhabi.
Also Read: Toyota Provides Developmental Status Of Lunar Cruiser For Exploration On Moon
Price Action: TM shares are trading higher by 0.79% at $166.74 premarket on the last check Friday.
Photo Via Company
