Hitachi Ltd. is selling its 40% holding in Hitachi Transport System Ltd. to KKR & Co., which is planning a tender offer to take the logistics company private, the conglomerate said.
KKR is offering 8,913 yen ($68.52) a share for Hitachi Transport, the private equity investor said in a statement Thursday. The offer, which will start by late September 2022, is a 166% premium to Hitachi Transport’s 12-month average closing price through yesterday, KKR said.
Hitachi intends to re-invest and own around 10% in Hitachi Transport after KKR’s acquisition and the unit’s delisting, according to the statement. In total, KKR is investing about 700 billion yen, people with knowledge of the matter have said.
Read more: BNN Bloomberg
