TOKYO (Reuters) - U.S. buyout firm KKR said on Wednesday it has agreed to buy Hitachi Ltd's (T:6501) electronic equipment unit for 257 billion yen (£1.80 billion) with investment fund Japan Industrial Partners Inc (JIP).
KKR and JIP will pay 2,503 yen for each Hitachi Kokusai Electric Inc (T:6756) share, a 6.4 percent discount from Wednesday's close, according to a joint statement from KKR and Japan Industrial Partners.
Hitachi Ltd (T:6501), the largest shareholder in Hitachi Kokusai, said in a separate statement it would reduce its ownership to 20 percent after the deal is completed.