KKR & Co. Plans to Acquire Hitachi Transport System
April 28 2022 - 3:34AM
Dow Jones News
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)
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