January 13, 2017 / 6:36 AM / 10 months ago

KKR to buy Hitachi's power tools unit for $1.3 bln

TOKYO, Jan 13 (Reuters) - U.S. private equity firm KKR & Co LP has agreed to buy Japanese conglomerate Hitachi Ltd’s power tools unit, Hitachi Koki Co Ltd, for about $1.3 billion, the companies said on Friday.

KKR will launch a tender offer for Hitachi Koki at 870 yen per share, costing it 88.2 billion yen. Including a special dividend of 580 yen per share upon success of the tender offer, KKR will pay a total of 147.1 billion yen ($1.28 billion).

Hitachi said last month it was considering selling Hitachi Koki.

$1 = 114.9400 yen Reporting by Chris Gallagher and Chang-Ran Kim

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