Struggling Japanese consumer electronics maker Pioneer on Wednesday announced plans to sell up to 60 billion yen ($538 million) in equity to Hong Kong-based investment firm Baring Private Equity Asia, in a bid to revive its struggling car equipment business.
Once a leading maker of car navigation and audio systems, Pioneer has struggled to adapt to the smartphone era. It has been scaling down its consumer electronic business while seeking new opportunities in areas like autonomous driving, but faced a late September repayment deadline for bank loans.
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