TOKYO, April 26 U.S. buyout firm KKR said on
Wednesday it has agreed to buy Hitachi Ltd's electronic
equipment unit for 257 billion yen ($2.3 billion) with
investment fund Japan Industrial Partners Inc (JIP).
KKR and JIP will pay 2,503 yen for each Hitachi Kokusai
Electric Inc share, a 6.4 percent discount from
Wednesday's close, according to a joint statement from KKR and
Japan Industrial Partners.
Hitachi Ltd, the largest shareholder in Hitachi
Kokusai, said in a separate statement it would reduce its
ownership to 20 percent after the deal is completed.
($1 = 111.1700 yen)
(Reporting by Junko Fujita; Editing by Christian Schmollinger)