Hitachi to Sell Metal Unit to Bain Group for $3.5 Billion
- Conglomerate will sell its stake at 1,674 yen per share
- Bain to launch a tender offer in Nov. to buy remaining shares
Photographer: Kiyoshi Ota/Bloomberg
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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.