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Business deals

Hong Kong fund manager to rescue struggling Pioneer

Baring Private Equity Asia's $538m will provide a reprieve for the Japanese electronics maker

TOKYO -- Major Japanese consumer electronics maker Pioneer will stabilize its operations under the support of a foreign investment fund, Nikkei learned Tuesday.

Baring Private Equity Asia, a fund manager based in Hong Kong, will become Pioneer's biggest shareholder and lead the rehabilitation efforts. It will provide a total of about 60 billion yen ($538 million), combining equity investment and loans to the company.

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