Nissan Motor Co., Ltd. withdrew from USM Healthcare approximately 3 months after its acquisition by transferring all shares to the founder. The decision to proceed with the transfer was formally announced after suspected accounting irregularities emerged following the merger.
Nissan Motor Co., Ltd., which completed its acquisition of USM Healthcare on 20 May 2026, decided to withdraw after accounting irregularities were discovered during the post-merger integration process. Nissan commissioned an external investigation and stated that USM had committed misconduct before the merger, while USM disputed this, attributing the breakdown to differences in corporate philosophy.
On 4 September 2026, Nissan Motor Co., Ltd.'s board of directors formally announced the sale of all shares in USM Healthcare. It restored ownership to the founding shareholders by transferring 60% of the shares to the founder. The transfer will take place in 2 stages, with 50% scheduled for September and the remaining 10% scheduled to be completed between September 2027 and September 2028.
Nissan cited financial misconduct as the background to its withdrawal, while USM Healthcare attributed the breakdown to differences in its management philosophy since its establishment, the speed of decision-making and business operations. USM indicated that it was prepared to actively propose a share buyback, explaining that the success of mergers and acquisitions depends not only on financial strength but also on alignment in management philosophy.
USM Healthcare has operated at the Hi-Tech Park in Ho Chi Minh City as Vietnam's only vascular stent manufacturer. According to publicly available financial data, revenue increased from VDN 26.7 billion in 2023 to VDN 41.7 billion in 2025, while net profit fluctuated significantly, falling from VDN 1.3 billion in 2023 to VDN 148 million in 2024 before recovering to VDN 2.8 billion in 2025.
Going forward, the transaction is expected to support a strategy focused on expanding the market and promoting exports, while seeking a strategic partner under the founding shareholders who understands the local business culture.