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Business

Hitachi selling chipmaking device unit to KKR, Japan fund

Hitachi Kokusai Electric seen fetching more than $1.8bn

Hitachi shares jumped as it announced sale of a chipmaking equipment unit.

TOKYO -- Japanese technology group Hitachi plans to sell chipmaking equipment subsidiary Hitachi Kokusai Electric to private equity firms Kohlberg Kravis Roberts and Japan Industrial Partners.

The U.S. and Japanese funds together aim to acquire all Hitachi Kokusai shares through a tender offer estimated to exceed 200 billion yen ($1.8 billion). The open-market takeover will begin as soon as next month, with Hitachi Kokusai slated for delisting. Hitachi will sell its entire 50%-plus stake.

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