TOKYO -- Ailing car navigation system maker Pioneer intends to seek a turnaround under a Hong Kong investment fund, as auto sector players scurry to adapt to technological changes sweeping the industry.
The Japanese electronics company said on Friday that it will become a wholly owned subsidiary of Hong Kong's Baring Private Equity Asia and delist its shares. Baring is to spend a total of 102 billion yen ($904 million) on the acquisition, once Pioneer officially decides to go ahead at a special general shareholders meeting set for Jan. 25.
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