Subaru has announced that it has completed the acquisition of shares of Toyota Motor Corporation in accordance with the business and capital alliance agreement announced in September 2019.

The off-market transactions from November last year to January 15 amounted to 8,973,700 shares worth around 70 billion yen (RM2.7 billion). According to Kyodo, this amounts to a 0.3% stake in the much bigger carmaker. Subaru says that this development will not have any influence on its financial performance for the fiscal year ending March 31.

“Subaru will continue its efforts to further advance and strengthen the long-term relationship between the two companies,” the company said in a statement. The Kyodo report says that Toyota did its part in February 2020, when it raised its stake in Subaru from 16.8% to 20%, making the WRX maker its equity-method affiliate. Since then, Subaru’s revenue has been incorporated into Toyota’s consolidated financial statements.

Subaru and Toyota’s relationship goes back to 2005, where it started with contract production (Toyota vehicles made by Subaru) and supply of models to Subaru by Toyota. They then jointly developed the Toyota 86/Subaru BRZ sports car, which debut in 2012. In the 2019 capital alliance deal, the duo agreed on the next-gen Toyobaru (we’ve already seen the new BRZ) and the development of AWD cars, which is of course a Subaru specialty.

Moving forward, both carmakers will work together on CASE, which stands for car connectivity, autonomous or assisted driving, new mobility or car-sharing, and electrified powertrains and components.

Here’s why the Toyota-Subaru tie-up is good for car fans. “During this once-in-a-century period of profound transformation, even if CASE changes how cars will be, driving enjoyment will remain an inherent part of automobiles and is something that I think we must continue to strongly preserve. I, myself am a rallyist, and through my experience of training hard in an Impreza, I have felt in my veins the wonders of Subaru’s AWD technologies,” Toyota president Akio Toyoda said during the 2019 capital alliance announcement.

GALLERY: Second-generation Subaru BRZ