Nissan Motor Co. has completed its acquisition of 34% of Mitsubishi Motors, which makes Nissan the largest shareholder, the company has announced.

With the move, Mitsubishi will join the global Alliance with Nissan and Renault — a group that will account for sales of 10 million vehicles in the 2016 fiscal year.

Nissan and Mitsubishi will collaborate on joint purchasing, deeper localization, joint plant utilization, common vehicle platforms, technology-sharing and an expansion of the companies' combined presence in both developed and emerging markets, according to Nissan.

"The combination of Nissan, Mitsubishi Motors and Renault will create a new force in global car-making," said Carlos Ghosn, Nissan's chairman and CEO. "It will be one of the world's three largest automotive groups, with the economies of scale, breakthrough technologies and manufacturing capabilities to produce vehicles to serve customer demand in every market segment and in every geographic market around the world."