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Business deals

Pioneer faces bumpy road despite bailout from Asia-based fund

Shareholders approve investment in bid to survive into autonomous car era

Pioneer was among the first consumer electronics companies to see the potential of the automotive market, but it was unable to put itself at the center of an "ecosystem," as Apple did. 

TOKYO -- Struggling Japanese automotive electronics maker Pioneer got the green light from its shareholders on Friday to accept an investment from Hong Kong-based fund Baring Private Equity Asia.

Approval of the deal at an extraordinary shareholder meeting gives the company time to turn itself around. Pioneer plans to delist from the Tokyo Stock Exchange in March, a little more than 57 years after making its trading debut. The Asian fund will spend a total of 102 billion yen ($904 million) to take the company private.

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