U.S. private equity firm KKR & Co LP (KKR.N) has agreed to buy Japanese conglomerate Hitachi Ltd’s (6501.T) power tools unit, Hitachi Koki Co Ltd (6581.T), for about $1.3 billion, the companies said on Friday.
KKR will launch a tender offer for Hitachi Koki at 870 yen per share, costing it 88.2 billion yen. Including a special dividend of 580 yen per share upon success of the tender offer, KKR will pay a total of 147.1 billion yen ($1.28 billion).
Hitachi said last month it was considering selling Hitachi Koki.
[Source:- Reuters]
