KKR has agreed to acquire Pioneer Corporation‘s DJ equipment business division. The business will be spun off into a new company provisionally named Pioneer DJ, which will be jointly owned by Pioneer and KKR.
Based on this agreement, KKR will acquire all of the outstanding shares of Pioneer DJ for approximately JPY59 billion (approximately $551 million). Pioneer will then acquire newly issued shares in the business so that KRR will own 85.05 percent and Pioneer will own a 14.95 percent stake.
Pioneer’s DJ equipment business develops, manufactures and sells equipment for DJs, including DJ players, mixers, controllers, headphones and speakers.
Subject to approval by the relevant authorities, the deal is expected to be completed by March 2015.
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