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KKR to buy Hitachi Kokusai Electric for $2.3 bln
April 26, 2017 / 9:22 AM / 7 months ago

KKR to buy Hitachi Kokusai Electric for $2.3 bln

TOKYO, April 26 (Reuters) - 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

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