Hitachi Ltd. is selling its metal unit to a group led by Bain Capital for 382 billion yen ($3.5 billion), accelerating the Japanese conglomerate’s plan to restructure its sprawling business.
Hitachi, which owns more than half of Hitachi Metals Ltd., will sell its stake at 1,674 yen per share, the Tokyo-based company said Wednesday. Bain, which is part of a consortium that includes Japan Industrial Partners and Japan Industrial Solutions, will also launch a tender offer in November to acquire the shares in Hitachi Metals that the parent doesn’t own.
Bain is expanding in Japan, along with Carlyle Group Inc. and KKR & Co., as competition heats up among the world’s biggest private-equity firms to win deals from businesses undertaking overhauls.
By Masumi Suga
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