KKR to launch tender offer for Hitachi Transport in US$5.2b
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KKR & Co will launch a tender offer for logistics company Hitachi Transport System, the companies said on Thursday (Apr 28), in a more than US$5 billion deal to extend the private equity firm’s growing Japanese portfolio.
KKR will launch its tender offer at 8,913 yen (S$94.30) a share, a premium to its closing price of 8,540 yen on Thursday.
The deal, which a source familiar with the matter said has an equity value of about US$5.2 billion, will also involve parent Hitachi Ltd selling its close to 40 per cent stake in Hitachi Transport and then acquire 10 per cent in the acquiring fund.
The deal would mark the latest example of Hitachi Ltd hiving off non-core assets as it accelerates a shift to digital. It also marks KKR’s latest acquisition in Japan, a market, where it has become increasingly active. REUTERS
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