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Name | Symbol | Market | Type |
---|---|---|---|
Hitachi Ltd (PK) | USOTC:HTHIY | OTCMarkets | Depository Receipt |
Price Change | % Change | Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
5.11 | 2.49% | 210.64 | 210.09 | 210.73 | 211.89 | 209.00 | 209.00 | 17,851 | 18:18:53 |
By Kosaku Narioka
KKR & Co. said Thursday that it plans to acquire Hitachi Transport System Ltd. through a tender offer.
The U.S. private-equity company said the tender offer price is 8,913 yen a share and that it expected to commence the tender offer by late September.
Hitachi Ltd. said it would sell a 39.9% stake in Hitachi Transport under the affiliate's share buyback program. Hitachi plans to sell the Hitachi Transport stake for 222.0 billion yen ($1.73 billion), or Y6,632 a share.
Hiro Hirano, co-head of Asia Pacific private equity at KKR, said the private-equity company looks forward to using its global network and expertise to help Hitachi Transport achieve its goal of becoming the leading third-party logistics company in Asia.
Hitachi Ltd. said it planned to take a 10% voting stake in the parent of a KKR entity that plans to start the tender offer.
In a bid to revamp its business portfolio, Hitachi Ltd. has been selling its subsidiaries and affiliates. In July 2021, it bought Silicon Valley-based software development services provider GlobalLogic Inc. to bolster its digital services business.
Write to Kosaku Narioka at kosaku.narioka@wsj.com
(END) Dow Jones Newswires
April 28, 2022 03:19 ET (07:19 GMT)
Copyright (c) 2022 Dow Jones & Company, Inc.
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