By Vijay Vishwas

Skadden, Arps, Slate, Meagher & Flom has represented automotive parts supplier Visteon Corp on its agreement to sell its 50 percent stake in Chinese joint venture Yanfeng Visteon Automotive Trim Systems Co Ltd and its direct interest in certain YFV affiliates to its partner Huayu Automotive Systems Co Ltd (HASCO) for about $1.2 billion.

Visteon will separately purchase the majority control of the joint venture's automotive electronics unit, known as Yanfeng Visteon Automotive Electronics Co Ltd, for $68 million, the company said in a statement.

"These transactions support our focus on our core climate and electronics businesses and will bring significant benefits to Visteon, our customers and our shareholders," said Chief Executive Timothy Leuliette.

The company also said it increased its share repurchase programme by $875 million to $1 billion.

Follow us on Twitter: @ALB_Magazine.