Toyota affiliate Denso buying stake worth $800 million in chipmaker Renesas


TOKYO (Reuters) – Japanese auto parts supplier Denso Corp (6902.T) is buying an additional 4.5 percent stake in chipmaker Renesas Electronics (6723.T) in a deal worth $800 million based on market prices, as car makers accelerate the adoption of self-driving and other technologies.

FILE PHOTO: Renesas Electronics Corp’s logo is seen on its product at the company’s conference in Tokyo, Japan, April 11, 2017. REUTERS/Toru Hanai/File Photo

Denso is an affiliate of and supplier to Japan’s biggest automaker Toyota Motor Corp (7203.T). It has been ramping up spending on research and development of new technologies including “connected cars”. In February, Denso announced an investment in California cybersecurity startup Dellfer.

It is acquiring the stake from Innovation Network Corp of Japan (INCJ), a state-backed fund that owns 50.1 percent in the chipmaker, INCJ said in a statement. The terms of the deal were not disclosed, but the transaction is worth about 85 billion yen…

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