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.
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