Visteon announced that it has entered into an agreement with Huayu Automotive Systems, or HASCO, to sell its 50% stake in Chinese joint venture Yanfeng Visteon Automotive Trim Systems, as well as its direct interests in other related interiors joint ventures, to HASCO. Additionally, Visteon and HASCO agreed to modify their existing electronics ventures in China such that Visteon will obtain control of the majority of Yanfeng Visteon Automotive Electronics. The collective transactions are valued at approximately $1.5B, with Visteon receiving $1.2B for the portfolio of non-electronics operations. Visteon's stake in YFVE will be valued at approximately $300M. The transactions, which are subject to customary government and regulatory approvals, are expected to be completed in multiple stages and substantially completed by June 2015. Visteon expects to receive 90% of the proceeds at or near initial closing. Visteon will receive cash payments of approximately $1.25B for the sale of its interests in YFV and other related interiors joint ventures, and will pay approximately $70M to gain control of the majority of YFVE. Approximately $1.1B of the cash proceeds will be received at or around completion of the initial transactions, which is expected to occur before Dec. 31, 2013, subject to required approvals. The vast majority of the remainder of the cash proceeds will be received by June 2015.