TOKYO (Reuters) – Ripplewood Holdings will sell its stake in Japan’s Columbia Music Entertainment (6791.T) for $27 million, as the U.S. private equity firm exits investments in non-financial companies.
RHJ International (RHJI.BR), the Brussels-listed arm of the U.S. group, said it has agreed to sell its 25.5 percent stake in the music company to Japan’s Faith Inc (4295.T) for 2.5 billion yen ($27.3 million).
Faith, which develops content for mobile phones, said it will acquire an additional 5.9 percent of Columbia from a Ripplewood-related company.
RHJ also said it sold about half of its 20 percent stake in U-Shin (6985.T), a maker of auto parts, for 1.9 billion yen.
RHJ said the divestitures totalled 4.4 billion yen against a book value of 4.6 billion yen.
The sales are part of an effort to shed industrial investments and become a “focused financial services firm”, RHJ said in a statement. ($1=91.54 Yen)