rose on Tuesday on news that the technology-services company is selling its 28% stake in
Unisys said the divestiture "will not affect the relationship between the two companies in the Japanese market. NUL will remain the exclusive distributor of Unisys hardware and software products in Japan."
Unisys' stock was recently up 23 cents, or 3.5%, to $6.88.
Unisys owns about 30.5 million shares of NUL, and will use its profit from the sale to fund a new, more focused business model. The company expects to collect more than $350 million from the transaction.
"We are pleased to be able to continue with our more than 50-year collaboration with Nihon Unisys Limited to supply Unisys products to the Japanese market and at the same time begin to fund the necessary actions to position Unisys for long-term growth and profitability," Unisys President and CEO Joe McGrath said in a statement.
NUL posted $2.9 billion in annual sales last year.
Unisys said the sale should close next week.