The acquisition, which comes after the troubled Tokyo-based firm admitted earlier this year it lied about fuel consumption figures on a number of its kei-cars, would not only see Nissan became its biggest shareholder, but also integrates it into the Alliance with global sales expected at 10-milllion units for the 2016 fiscal year.
"The combination of Nissan, Mitsubishi Motors and Renault will create a new force in global car-making. It will be one of the world’s three largest automotive groups, with the economies of scale, breakthrough technologies and manufacturing capabilities to produce vehicles to serve customer demand in every market segment and in every geographic market around the world," Nissan Chairman and CEO Carlos Ghosn said.
"We are committed to assisting Mitsubishi Motors as it rebuilds customer trust. This is a priority as we pursue the synergies and growth potential of our enlarged relationship".
Osamu Masuko is expected to remain as President and CEO of Mitsubishi, while Ghosn, who keeps his current position within Nissan, has yet to confirm whether he will accept the nominated position of Mitsubishi chairman.