Jiji Press TOKYO (Jiji Press) — Innovation Network Corp. of Japan said Friday that it will sell some of its shareholdings in major chipmaker Renesas Electronics Corp. to auto parts maker Denso Corp.
The deal is estimated to be worth over ¥80 billion. The government-backed investment fund did not disclose the value. INCJ plans to gradually lower its stake in Renesas and reduce its involvement in the company’s management as the chipmaker’s business reconstruction is getting on track. Previously, INCJ sold Renesas shares in June last year.
The upcoming sale will reduce INCJ’s stake in Renesas to 45.6 percent from 50.1 percent. Denso’s Renesas stake will rise from 0.5 percent to 5.0 percent.